Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
A jurisdictional challenge to reassessment under section 147, raised for the first time in cross-objection on the footing that section 153C should have applied, was not entertained because it required fresh factual inquiry beyond the existing appellate record and no such challenge had been raised before the first appellate authority. The tribunal also upheld best judgment estimation of commission income from accommodation entries, holding that the appellate authority could not replace the Assessing Officer's estimate of 2% with 0.5% without identifying any evidentiary or legal infirmity in the original estimate. The assessee's cross-objections were dismissed and the additions were restored.
A jurisdictional challenge to reassessment under section 147, raised for the first time in cross-objection on the footing that section 153C should have applied, was not entertained because it required fresh factual inquiry beyond the existing appellate record and no such challenge had been raised before the first appellate authority. The tribunal also upheld best judgment estimation of commission income from accommodation entries, holding that the appellate authority could not replace the Assessing Officer's estimate of 2% with 0.5% without identifying any evidentiary or legal infirmity in the original estimate. The assessee's cross-objections were dismissed and the additions were restored.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
