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...
Where the original return was only processed under section 143(1), there was no assessment order reflecting formation of opinion, so reopening could not be struck down as a mere change of opinion and the Tribunal could examine the jurisdictional issue. On merits, interest earned on deposits of funds earmarked for acquisition of technical know-how, land, machinery and other project commitments had a direct nexus with setting up the manufacturing business. Such receipts were therefore to be adjusted against pre-operative expenditure and not taxed as income from other sources. The High Court upheld reassessment but rejected the Revenue's treatment of the interest as taxable income.
Where the original return was only processed under section 143(1), there was no assessment order reflecting formation of opinion, so reopening could not be struck down as a mere change of opinion and the Tribunal could examine the jurisdictional issue. On merits, interest earned on deposits of funds earmarked for acquisition of technical know-how, land, machinery and other project commitments had a direct nexus with setting up the manufacturing business. Such receipts were therefore to be adjusted against pre-operative expenditure and not taxed as income from other sources. The High Court upheld reassessment but rejected the Revenue's treatment of the interest as taxable income.
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