Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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Section 153C proceedings were held time-barred because the satisfaction note relating to the searched person had not been recorded immediately after completion of that person's assessment. Applying Calcutta Knitwears, the Court held that "immediately" means at once after completion of the searched person's assessment, not merely within a reasonable time, and that the relevant delay is measured from that completion date. A delay of about 21 months was found incapable of satisfying the statutory requirement. The notices issued under section 153C, together with the consequential notices and orders, were quashed as unsustainable in law.
Section 153C proceedings were held time-barred because the satisfaction note relating to the searched person had not been recorded immediately after completion of that person's assessment. Applying Calcutta Knitwears, the Court held that "immediately" means at once after completion of the searched person's assessment, not merely within a reasonable time, and that the relevant delay is measured from that completion date. A delay of about 21 months was found incapable of satisfying the statutory requirement. The notices issued under section 153C, together with the consequential notices and orders, were quashed as unsustainable in law.
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