Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
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...
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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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