Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
In an abated search assessment under section 153A, the return filed in response to the search notice substituted the earlier return, so the assessee could make a fresh or altered claim and the Revenue could not apply reassessment principles; the lease rentals from the IT park/SEZ were accepted as business income in line with the CBDT circular and past departmental acceptance. On disallowance under section 14A, the Tribunal sustained restriction of the disallowance under normal provisions to exempt income and upheld that section 14A read with Rule 8D could not be mechanically applied for book profit computation, subject to direct expenditure. The notional annual letting value of unsold stock-in-trade was deleted because section 23(5) operated only prospectively from assessment year 2018-19.
In an abated search assessment under section 153A, the return filed in response to the search notice substituted the earlier return, so the assessee could make a fresh or altered claim and the Revenue could not apply reassessment principles; the lease rentals from the IT park/SEZ were accepted as business income in line with the CBDT circular and past departmental acceptance. On disallowance under section 14A, the Tribunal sustained restriction of the disallowance under normal provisions to exempt income and upheld that section 14A read with Rule 8D could not be mechanically applied for book profit computation, subject to direct expenditure. The notional annual letting value of unsold stock-in-trade was deleted because section 23(5) operated only prospectively from assessment year 2018-19.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
