Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Exercise of revisional power under section 263 is limited to orders that are not merely erroneous but prejudicial to revenue; a mere difference of opinion between the Assessing Officer and the Commissioner cannot justify setting aside, modifying or remanding an assessment, and the Commissioner must record reasons specifying how and to what extent the assessment is prejudicial. On addition of alleged cash credits under section 68, the AO had examined partners' accounts and sources and recorded satisfaction as to genuineness; that factual satisfaction was not shown to be prejudicial, so interference was unwarranted and the appeal was dismissed.
Exercise of revisional power under section 263 is limited to orders that are not merely erroneous but prejudicial to revenue; a mere difference of opinion between the Assessing Officer and the Commissioner cannot justify setting aside, modifying or remanding an assessment, and the Commissioner must record reasons specifying how and to what extent the assessment is prejudicial. On addition of alleged cash credits under section 68, the AO had examined partners' accounts and sources and recorded satisfaction as to genuineness; that factual satisfaction was not shown to be prejudicial, so interference was unwarranted and the appeal was dismissed.
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