Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
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...
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ITAT held that revision under section 263 was unsustainable because the DPCO liability for the relevant year had already been treated as an ascertained liability, and the Assessing Officer's acceptance of that position was a plausible view. The revisional authority proceeded on an factual premise, assuming the DPCO dispute had been settled by the Supreme Court and treating the amounts as bank guarantees, whereas the dispute remained pending before the High Court and the Supreme Court proceeding concerned a different matter. As the assessment order was neither erroneous nor prejudicial to the interests of the Revenue, the revisional order was set aside and the assessee's appeal was allowed.
ITAT held that revision under section 263 was unsustainable because the DPCO liability for the relevant year had already been treated as an ascertained liability, and the Assessing Officer's acceptance of that position was a plausible view. The revisional authority proceeded on an factual premise, assuming the DPCO dispute had been settled by the Supreme Court and treating the amounts as bank guarantees, whereas the dispute remained pending before the High Court and the Supreme Court proceeding concerned a different matter. As the assessment order was neither erroneous nor prejudicial to the interests of the Revenue, the revisional order was set aside and the assessee's appeal was allowed.
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