Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Intermediary service classification fails where overseas admission facilitation is supplied independently, preserving export treatment and small-provi...
Satellite transponder bandwidth is telecommunication, not Business Support Service; foreign non-telegraph providers triggered no service tax liability...
Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
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Revision under section 263 was unwarranted where the Assessing Officer had examined the assessee's accumulation claim, Form No. 10, board resolutions and utilisation particulars, and had adopted a possible view on the material before him. The Commissioner could not invoke revision merely because he wanted deeper verification or considered another view preferable; absent independent demonstration that the assessment order was erroneous and prejudicial to revenue, the exercise amounted to an impermissible fishing enquiry. The Court also held that Explanation 2 to section 263 could not be applied without prior notice to the assessee. The alleged tax consequence of non-utilisation of accumulated income did not arise in the relevant assessment year.
Revision under section 263 was unwarranted where the Assessing Officer had examined the assessee's accumulation claim, Form No. 10, board resolutions and utilisation particulars, and had adopted a possible view on the material before him. The Commissioner could not invoke revision merely because he wanted deeper verification or considered another view preferable; absent independent demonstration that the assessment order was erroneous and prejudicial to revenue, the exercise amounted to an impermissible fishing enquiry. The Court also held that Explanation 2 to section 263 could not be applied without prior notice to the assessee. The alleged tax consequence of non-utilisation of accumulated income did not arise in the relevant assessment year.
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