Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Duty drawback was held taxable on actual receipt in the previous year, as section 145B(3), read with section 2(24)(xviii), deems such income to accrue when received by the assessee. The Tribunal found that the assessee's bank records reflected only the amount credited in the profit and loss account, while the AO relied on unconfronted CBEC portal data without furnishing supporting details or independent proof of higher receipt. The differential addition was therefore deleted. As the penalty under section 270A(1) was wholly consequential to the deleted addition and no misreporting survived, the penalty was also set aside.
Duty drawback was held taxable on actual receipt in the previous year, as section 145B(3), read with section 2(24)(xviii), deems such income to accrue when received by the assessee. The Tribunal found that the assessee's bank records reflected only the amount credited in the profit and loss account, while the AO relied on unconfronted CBEC portal data without furnishing supporting details or independent proof of higher receipt. The differential addition was therefore deleted. As the penalty under section 270A(1) was wholly consequential to the deleted addition and no misreporting survived, the penalty was also set aside.
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