Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
Where a scheme of amalgamation resulted in dissolution of the...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review directed.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Where a scheme of amalgamation resulted in dissolution of the transferor and filing of modified returns by the successor, assessment proceedings must recognise the business reorganisation and the modified return; draft assessment and giving-effect orders issued in names of separate pre-amalgamation entities were quashed as inconsistent with that statutory scheme. The successor's modified return filed under the reorganisation framework must be examined by the Transfer Pricing Officer and a fresh merits order passed, after which the taxpayer may approach the Dispute Resolution mechanism or accept the order. Proceedings against dissolved transferor risking dual demands are impermissible.
Where a scheme of amalgamation resulted in dissolution of the transferor and filing of modified returns by the successor, assessment proceedings must recognise the business reorganisation and the modified return; draft assessment and giving-effect orders issued in names of separate pre-amalgamation entities were quashed as inconsistent with that statutory scheme. The successor's modified return filed under the reorganisation framework must be examined by the Transfer Pricing Officer and a fresh merits order passed, after which the taxpayer may approach the Dispute Resolution mechanism or accept the order. Proceedings against dissolved transferor risking dual demands are impermissible.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
