Valuation Officer estimates govern property-value additions once statutory valuation is invoked, requiring fresh consideration of objections and compa...
Waiver of written show-cause notice may prevent a later procedural challenge after participation in customs adjudication, preserving statutory appella...
Retrospective invalidity of ocean-freight IGST supports refunds despite non-party status and prior credit utilisation, subject to authorised appeal gr...
Additional evidence in departmental appeals may include show-cause-notice material without introducing a new case where it merely corroborates existin...
Reasoned rectification orders require consideration of expenditure disclosed in income-tax returns, preventing revision based on incomplete income com...
Modified returns after business reorganisations cannot trigger fresh scrutiny once the original assessment was complete, invalidating related transfer...
Third-party loose sheets require reliable nexus before supporting unexplained expenditure additions; presumptions do not establish payer identity or o...
TNMM comparability using audited accounts and working-capital adjustments can eliminate unwarranted transfer-pricing additions where verified margins ...
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Section 115BBE's enhanced 60% rate, effective from 1 April 2017, operates prospectively and does not govern income surrendered during survey in Financial Year 2016-17. Tax liability for that year is determined under the law in force on 1 April 2016, when the provision prescribed a 30% rate. The later enhanced rate therefore cannot be imposed on the surrendered income; the declared income is taxable at the normal applicable rates. Application of the higher rate depends on transactions undertaken on or after 1 April 2017.
Section 115BBE's enhanced 60% rate, effective from 1 April 2017, operates prospectively and does not govern income surrendered during survey in Financial Year 2016-17. Tax liability for that year is determined under the law in force on 1 April 2016, when the provision prescribed a 30% rate. The later enhanced rate therefore cannot be imposed on the surrendered income; the declared income is taxable at the normal applicable rates. Application of the higher rate depends on transactions undertaken on or after 1 April 2017.
Note: It is a system-generated summary and is for quick reference only.
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