Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Reopening of assessment under the new regime requires prior sanction by a specified senior authority where reassessment is sought after three years; if income escaping assessment is below the Rs.50,00,000 threshold, no reassessment notice may be issued after three years. Here the alleged escaped income was Rs.10,25,756 and the notice was issued beyond three years with approval only from the Principal Commissioner, which does not meet the prescribed sanctioning requirement; the ITAT held the section 148 notice and consequent reassessment proceedings invalid and quashed them, allowing the assessee's appeal.
Reopening of assessment under the new regime requires prior sanction by a specified senior authority where reassessment is sought after three years; if income escaping assessment is below the Rs.50,00,000 threshold, no reassessment notice may be issued after three years. Here the alleged escaped income was Rs.10,25,756 and the notice was issued beyond three years with approval only from the Principal Commissioner, which does not meet the prescribed sanctioning requirement; the ITAT held the section 148 notice and consequent reassessment proceedings invalid and quashed them, allowing the assessee's appeal.
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