Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Penalty under section 271D could not be sustained because no satisfaction was recorded in the assessment order initiating penalty proceedings. The Tribunal held that where the returned income was accepted and no quantum addition was made, there was no occasion in the assessment order to record the requisite satisfaction, and the Assessing Officer could not validly proceed by issuing a separate show-cause notice and penalty order. Relying on binding precedent, the Tribunal treated the absence of recorded satisfaction as fatal to jurisdiction and allowed the assessee's appeal without examining the merits.
Penalty under section 271D could not be sustained because no satisfaction was recorded in the assessment order initiating penalty proceedings. The Tribunal held that where the returned income was accepted and no quantum addition was made, there was no occasion in the assessment order to record the requisite satisfaction, and the Assessing Officer could not validly proceed by issuing a separate show-cause notice and penalty order. Relying on binding precedent, the Tribunal treated the absence of recorded satisfaction as fatal to jurisdiction and allowed the assessee's appeal without examining the merits.
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