Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Strict res judicata does not apply in income-tax proceedings, but the Revenue cannot depart from an earlier accepted position on identical facts without a material change in fact or law, and appellate authorities may entertain claims raised through notes to the return where the material is already on record; CBDT instructions cannot override the Act. Actuarially determined pension and employee-benefit provisions were treated as ascertained liabilities deductible under section 37(1), while leave encashment remained allowable only on actual payment. The Tribunal also applied real income principles in deleting additions on NPA interest and allowed valuation of bank securities at lower of cost or market value on a scrip-wise basis. Several other claims were remanded for verification, and some disallowances were upheld or rejected on settled precedent.
Strict res judicata does not apply in income-tax proceedings, but the Revenue cannot depart from an earlier accepted position on identical facts without a material change in fact or law, and appellate authorities may entertain claims raised through notes to the return where the material is already on record; CBDT instructions cannot override the Act. Actuarially determined pension and employee-benefit provisions were treated as ascertained liabilities deductible under section 37(1), while leave encashment remained allowable only on actual payment. The Tribunal also applied real income principles in deleting additions on NPA interest and allowed valuation of bank securities at lower of cost or market value on a scrip-wise basis. Several other claims were remanded for verification, and some disallowances were upheld or rejected on settled precedent.
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