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...
Telescoping was accepted on the basis of surplus funds from earlier assessment years, so the sustained additions for shortage of funds in AY 2000-01 and for undisclosed income and vehicle investment in AY 2002-03 did not survive. For AY 2002-03, the capital gains addition was confined to the assessee's own computation because the higher figure in the appellate order was treated as an inadvertent error. The deduction claim under section 54 was rejected for want of substantiation.
Telescoping was accepted on the basis of surplus funds from earlier assessment years, so the sustained additions for shortage of funds in AY 2000-01 and for undisclosed income and vehicle investment in AY 2002-03 did not survive. For AY 2002-03, the capital gains addition was confined to the assessee's own computation because the higher figure in the appellate order was treated as an inadvertent error. The deduction claim under section 54 was rejected for want of substantiation.
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