Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
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Treatment of interest deduction under Income from Other Sources: an inadmissible claim of interest deduction that neutralises disclosed interest income and is not substantiated attracts penalty under the penalty regime for under reporting of income. Principle of consistency was held inapplicable where earlier returns were processed under summary intimation and no scrutiny assessment was carried out, because such intimation does not preclude re examination. Immunity clauses for bona fide explanations or estimation do not apply where the assessee fails to disclose all material facts, specifically the nexus between funds borrowed and loans given; on that factual failure the assessing officer's disallowance and consequent penalty were sustained.
Treatment of interest deduction under Income from Other Sources: an inadmissible claim of interest deduction that neutralises disclosed interest income and is not substantiated attracts penalty under the penalty regime for under reporting of income. Principle of consistency was held inapplicable where earlier returns were processed under summary intimation and no scrutiny assessment was carried out, because such intimation does not preclude re examination. Immunity clauses for bona fide explanations or estimation do not apply where the assessee fails to disclose all material facts, specifically the nexus between funds borrowed and loans given; on that factual failure the assessing officer's disallowance and consequent penalty were sustained.
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