Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Foreign remittance compliance turned on whether the appellant could prove import through valid Bills of Entry linked to the impugned remittances and asserted high sea sale documents. The Tribunal found that the Bill of Entry related to the same Bill of Lading, but the handwritten notation relied on to show coverage of all three remittances was partly illegible and not shown to have been made by authorised personnel. Customs records did not establish duty on the full amount claimed, and RBI confirmed that the relevant Bills of Entry had not been submitted to the Authorised Dealer. Contravention was therefore sustained, but the penalty was reduced and the pre-deposit adjusted.
Foreign remittance compliance turned on whether the appellant could prove import through valid Bills of Entry linked to the impugned remittances and asserted high sea sale documents. The Tribunal found that the Bill of Entry related to the same Bill of Lading, but the handwritten notation relied on to show coverage of all three remittances was partly illegible and not shown to have been made by authorised personnel. Customs records did not establish duty on the full amount claimed, and RBI confirmed that the relevant Bills of Entry had not been submitted to the Authorised Dealer. Contravention was therefore sustained, but the penalty was reduced and the pre-deposit adjusted.
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