Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Gold is a notified item, so the person in possession must prove lawful acquisition and possession; where no bills, vouchers or contemporaneous records are produced, the statutory presumption under Section 123 remains unrebutted and absolute confiscation is justified. For Indian currency to be treated as sale proceeds of smuggled goods under Section 121, the Revenue must show a clear nexus and reasonable belief based on cogent evidence; mere suspicion or uncorroborated statements are insufficient, so the currency confiscation was unsustainable. On penalty, the Tribunal deleted the sanction against the accompanying person for lack of recovery or ative link, while sustaining but reducing the penalty on the person directly connected with the foreign-origin gold.
Gold is a notified item, so the person in possession must prove lawful acquisition and possession; where no bills, vouchers or contemporaneous records are produced, the statutory presumption under Section 123 remains unrebutted and absolute confiscation is justified. For Indian currency to be treated as sale proceeds of smuggled goods under Section 121, the Revenue must show a clear nexus and reasonable belief based on cogent evidence; mere suspicion or uncorroborated statements are insufficient, so the currency confiscation was unsustainable. On penalty, the Tribunal deleted the sanction against the accompanying person for lack of recovery or ative link, while sustaining but reducing the penalty on the person directly connected with the foreign-origin gold.
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