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...
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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