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...
Reassessment under section 147 cannot be sustained where the income forming the recorded basis for reopening is not ultimately added. The Tribunal applied the binding principle that "and also" is conjunctive, so the Assessing Officer must first assess or reassess the escaped income identified in the recorded reasons before bringing in any other issue. Here, the reopening was based solely on alleged unexplained cash deposits during the demonetisation period, but that issue did not survive in reassessment. The resulting disallowance of interest expenditure on a different footing was therefore held to be unsustainable and deleted.
Reassessment under section 147 cannot be sustained where the income forming the recorded basis for reopening is not ultimately added. The Tribunal applied the binding principle that "and also" is conjunctive, so the Assessing Officer must first assess or reassess the escaped income identified in the recorded reasons before bringing in any other issue. Here, the reopening was based solely on alleged unexplained cash deposits during the demonetisation period, but that issue did not survive in reassessment. The resulting disallowance of interest expenditure on a different footing was therefore held to be unsustainable and deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
