Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
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Revision under section 263 was held unsustainable where the Assessing Officer had already initiated penalty proceedings, because the revisional authority could not invoke section 263 merely to substitute the penalty provision under which those proceedings were initiated. The Tribunal found that, once penalty action had been commenced, the assessment order could not be treated as erroneous and prejudicial to the interests of the Revenue on this ground alone. The foundation of the revisional order was therefore legally untenable, and the assessee succeeded.
Revision under section 263 was held unsustainable where the Assessing Officer had already initiated penalty proceedings, because the revisional authority could not invoke section 263 merely to substitute the penalty provision under which those proceedings were initiated. The Tribunal found that, once penalty action had been commenced, the assessment order could not be treated as erroneous and prejudicial to the interests of the Revenue on this ground alone. The foundation of the revisional order was therefore legally untenable, and the assessee succeeded.
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