Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Disallowance of remuneration to directors and relatives under section 40A(2)(b) was deleted because the Assessing Officer did not benchmark the payment against fair market value and relied instead on an earlier-year comparison and an arbitrary 10% increase, despite accepted past scrutiny assessments and undisputed services. The Tribunal also upheld allowance of foreign travel expenditure, finding no Rule 46A breach where the travel details had already been filed and no evidence showed absence of business purpose. The revenue's appeal was dismissed.
Disallowance of remuneration to directors and relatives under section 40A(2)(b) was deleted because the Assessing Officer did not benchmark the payment against fair market value and relied instead on an earlier-year comparison and an arbitrary 10% increase, despite accepted past scrutiny assessments and undisputed services. The Tribunal also upheld allowance of foreign travel expenditure, finding no Rule 46A breach where the travel details had already been filed and no evidence showed absence of business purpose. The revenue's appeal was dismissed.
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