Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Reopening after search was held time barred for the 2012-13 assessment as the notice under section 148 fell outside the ten year limitation and the reassessment was quashed. The note states that only the profit element of undisclosed 'on money' is taxable, and a uniform estimation rate of 10% was applied on the facts. Unaccounted profit is taxable in the year of execution of the sale deed (transfer), with ICDS III inapplicable. Issues of alleged negative cash balances were remitted to the AO for verification. Telescoping deletions under unexplained money were upheld where an assessed profit exceeded other applications, and a seized ledger corroborated a short term capital gain addition.
Reopening after search was held time barred for the 2012-13 assessment as the notice under section 148 fell outside the ten year limitation and the reassessment was quashed. The note states that only the profit element of undisclosed 'on money' is taxable, and a uniform estimation rate of 10% was applied on the facts. Unaccounted profit is taxable in the year of execution of the sale deed (transfer), with ICDS III inapplicable. Issues of alleged negative cash balances were remitted to the AO for verification. Telescoping deletions under unexplained money were upheld where an assessed profit exceeded other applications, and a seized ledger corroborated a short term capital gain addition.
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