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...
An accumulated amount claimed as exempt under section 11(2) in AY 2012-13 could not be re-claimed as exempt in AY 2017-18 when the assessee had already obtained exemption for that accumulation and no material showed otherwise. The Tribunal treated the fresh claim as a double exemption. It also found, on the assessee's accounts and Form 10B, that the current year's income met the year's expenditure, while the disputed accumulated amount was not applied and remained in reserves. As the accumulation stayed unutilised until expiry of the permitted period, section 11(3) applied and the balance became deemed income. The Revenue's appeal was allowed and the addition was restored.
An accumulated amount claimed as exempt under section 11(2) in AY 2012-13 could not be re-claimed as exempt in AY 2017-18 when the assessee had already obtained exemption for that accumulation and no material showed otherwise. The Tribunal treated the fresh claim as a double exemption. It also found, on the assessee's accounts and Form 10B, that the current year's income met the year's expenditure, while the disputed accumulated amount was not applied and remained in reserves. As the accumulation stayed unutilised until expiry of the permitted period, section 11(3) applied and the balance became deemed income. The Revenue's appeal was allowed and the addition was restored.
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