Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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Extended limitation under section 28(4) of the Customs Act could not be invoked where the bill of entry disclosed the tariff item and described the imported software CD as relatable to the LRSAM system, and the show cause notice relied only on an allegation of misdeclaration. The Tribunal held that invocation of the extended period requires a deliberate misstatement or suppression made with intent to evade duty, and that intent was not established, particularly given the appellant's status as a public sector undertaking engaged in defence supplies. As the demand rested entirely on the extended period, it failed. The consequential penalty under section 114A also failed because its foundation was the same as the extended-period allegation.
Extended limitation under section 28(4) of the Customs Act could not be invoked where the bill of entry disclosed the tariff item and described the imported software CD as relatable to the LRSAM system, and the show cause notice relied only on an allegation of misdeclaration. The Tribunal held that invocation of the extended period requires a deliberate misstatement or suppression made with intent to evade duty, and that intent was not established, particularly given the appellant's status as a public sector undertaking engaged in defence supplies. As the demand rested entirely on the extended period, it failed. The consequential penalty under section 114A also failed because its foundation was the same as the extended-period allegation.
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