Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Availability of an alternative appeal under Section 128 did not bar writ interference where the impugned penalty order suffered from breach of natural justice and absence of a foundational jurisdictional finding. The Court held that penalty under Section 114(iii) could not rest on a mere assumption that non-physical verification by a customs broker established culpability; there had to be a factual finding of commission or abetment of an act rendering goods liable to confiscation. It further held that binding precedents cited by the petitioner were not considered or distinguished, which vitiated the order. The penalty was set aside and the matter remanded for fresh consideration after notice.
Availability of an alternative appeal under Section 128 did not bar writ interference where the impugned penalty order suffered from breach of natural justice and absence of a foundational jurisdictional finding. The Court held that penalty under Section 114(iii) could not rest on a mere assumption that non-physical verification by a customs broker established culpability; there had to be a factual finding of commission or abetment of an act rendering goods liable to confiscation. It further held that binding precedents cited by the petitioner were not considered or distinguished, which vitiated the order. The penalty was set aside and the matter remanded for fresh consideration after notice.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
