Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
Where the Assessing Officer recorded inconsistencies between the return, balance sheet and construction agreement and expressly considered then rejected the assessee's books of account, referral to the District Valuation Officer for valuation was held permissible; the court applied the principle that a DVO report may be relied on only after rejection of books and found that factual record satisfied that rule. The HC endorsed the Tribunal and CIT(A) directions, approved adoption of State PWD rates for valuation, treated the omitted investment as escaped income and dismissed the tax appeal.
Where the Assessing Officer recorded inconsistencies between the return, balance sheet and construction agreement and expressly considered then rejected the assessee's books of account, referral to the District Valuation Officer for valuation was held permissible; the court applied the principle that a DVO report may be relied on only after rejection of books and found that factual record satisfied that rule. The HC endorsed the Tribunal and CIT(A) directions, approved adoption of State PWD rates for valuation, treated the omitted investment as escaped income and dismissed the tax appeal.
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