Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
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Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
The note addresses a revision under review where the assessing officer accepted returned income without any discussion on whether foreign residential properties affect eligibility for the capital gains exemption on reinvestment in residential property. The Tribunal found the assessment order erroneous for lack of enquiry and failure to apply mind, making the Principal CIT's revision valid. Because the AO did not decide the proviso-based eligibility issue on merits, the Tribunal set aside the matter for fresh adjudication by the AO to determine entitlement to the exemption, allowing the appeal for statistical purposes.
The note addresses a revision under review where the assessing officer accepted returned income without any discussion on whether foreign residential properties affect eligibility for the capital gains exemption on reinvestment in residential property. The Tribunal found the assessment order erroneous for lack of enquiry and failure to apply mind, making the Principal CIT's revision valid. Because the AO did not decide the proviso-based eligibility issue on merits, the Tribunal set aside the matter for fresh adjudication by the AO to determine entitlement to the exemption, allowing the appeal for statistical purposes.
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