Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Taxability of excess stock discovered on survey: where excess items formed part of undifferentiated total stock discovered before year-end and the assessee admitted and included the amount in the profit and loss account and return, the excess represents undeclared business receipts rather than an identifiable investment. Applying settled authority, the deeming fiction for unexplained investment cannot be invoked for non-identifiable mixed stock and the special tax rate provision does not apply where the amount is offered and accepted as business income. Outcome: appeal allowed; excess stock taxed as business income, not under unexplained investment rules.
Taxability of excess stock discovered on survey: where excess items formed part of undifferentiated total stock discovered before year-end and the assessee admitted and included the amount in the profit and loss account and return, the excess represents undeclared business receipts rather than an identifiable investment. Applying settled authority, the deeming fiction for unexplained investment cannot be invoked for non-identifiable mixed stock and the special tax rate provision does not apply where the amount is offered and accepted as business income. Outcome: appeal allowed; excess stock taxed as business income, not under unexplained investment rules.
Note: It is a system-generated summary and is for quick reference only.
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