CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Reopening of assessment initiated on basis of a third party search was invalid because the assessing officer issued a notice under the general reassessment provision instead of the provision applicable to material seized in a third party search; accordingly the reassessment notice was quashed and the assessee's ground on that point allowed. The appellate authority's deletion of the addition under unexplained cash loan/interest was noted. Objection that the assessment order was cryptic or passed hastily was rejected: delay by the assessee in filing return and seeking reasons, and limitation pressures, meant the gap before final order did not invalidate the assessment process.
Reopening of assessment initiated on basis of a third party search was invalid because the assessing officer issued a notice under the general reassessment provision instead of the provision applicable to material seized in a third party search; accordingly the reassessment notice was quashed and the assessee's ground on that point allowed. The appellate authority's deletion of the addition under unexplained cash loan/interest was noted. Objection that the assessment order was cryptic or passed hastily was rejected: delay by the assessee in filing return and seeking reasons, and limitation pressures, meant the gap before final order did not invalidate the assessment process.
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