Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Deduction under section 35AD could not be denied merely because Form No. 10CCB was not filed with the return, where the audit report was furnished before completion of the fresh assessment proceedings. The Tribunal treated the filing requirement as directory, relying on precedent that submission before assessment completion is sufficient. It rejected the Revenue's distinction between original and fresh assessment under section 263, holding that restored proceedings are to be considered afresh and all material filed before completion must be examined. The assessee's disclosure of the claim in the return and tax audit report, together with waiver of depreciation, supported substantive compliance, so the disallowance was unsustainable.
Deduction under section 35AD could not be denied merely because Form No. 10CCB was not filed with the return, where the audit report was furnished before completion of the fresh assessment proceedings. The Tribunal treated the filing requirement as directory, relying on precedent that submission before assessment completion is sufficient. It rejected the Revenue's distinction between original and fresh assessment under section 263, holding that restored proceedings are to be considered afresh and all material filed before completion must be examined. The assessee's disclosure of the claim in the return and tax audit report, together with waiver of depreciation, supported substantive compliance, so the disallowance was unsustainable.
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