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Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
Reopening an income tax assessment based solely on entries found in loose papers seized from a third party amounts to 'borrowed satisfaction' and cannot independently justify proceedings. The decision reasons that statutory presumptions apply only against the person from whose possession documents were seized, and third party possession is at best corroborative, not substantive, evidence; accordingly, a re opening founded only on such third party entries is invalid. Applying this principle, the tribunal held the notice under section 148 unlawful and quashed the consequent reassessment under section 147, allowing the taxpayer's appeal.
Reopening an income tax assessment based solely on entries found in loose papers seized from a third party amounts to 'borrowed satisfaction' and cannot independently justify proceedings. The decision reasons that statutory presumptions apply only against the person from whose possession documents were seized, and third party possession is at best corroborative, not substantive, evidence; accordingly, a re opening founded only on such third party entries is invalid. Applying this principle, the tribunal held the notice under section 148 unlawful and quashed the consequent reassessment under section 147, allowing the taxpayer's appeal.
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