Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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Explanation 3 to Section 43(1) is a deeming provision that can be invoked only after the assessing officer records satisfaction that the transfer's dominant purpose was reduction of tax liability and obtains prior approval of the Joint Commissioner; both conditions are mandatory and the burden of proof is on Revenue, so substituting the assessee's declared cost for second hand machinery was legally unsustainable and depreciation was allowed. Separately, a notice under section 143(2) issued within time is not vitiated merely because it omitted the scrutiny category where the assessee participated and no prejudice was shown, so the challenge to the notice failed.
Explanation 3 to Section 43(1) is a deeming provision that can be invoked only after the assessing officer records satisfaction that the transfer's dominant purpose was reduction of tax liability and obtains prior approval of the Joint Commissioner; both conditions are mandatory and the burden of proof is on Revenue, so substituting the assessee's declared cost for second hand machinery was legally unsustainable and depreciation was allowed. Separately, a notice under section 143(2) issued within time is not vitiated merely because it omitted the scrutiny category where the assessee participated and no prejudice was shown, so the challenge to the notice failed.
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