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    Case LawsIncome Tax
    Reassessing Accommodation Entries: Insights from a High Court Judgment
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    Case LawsIncome Tax
    Reassessing Accommodation Entries: Insights from a High Court Judgment
    Show AI Summary
    Reassessment under Section 148A: disputed factual issues on accommodation entries directed to the assessing officer for factual determination.
    The High Court required detailed scrutiny of alleged accommodation entries and the genuineness of share transactions under the reassessment procedure, noting taxpayers' disclosure of income as Short Term Capital Gains. Applying precedents on judicial review, the court held that disputed factual questions and the procedural validity of reassessment are to be determined by the Assessing Officer rather than in writ proceedings, absent evidence of arbitrariness or limitation breach.
    Case LawsIncome Tax
    A Judicial Perspective on Section 148A of the Income Tax Act: Amended Reassessment Provisions
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    Section 148A preliminary enquiry limits inquiry to existence of information before reassessment and preserves assessee procedural rights.
    Preliminary enquiries under the post amendment reassessment procedure require the assessing officer to possess tangible information suggesting escaped income and to afford the assessee an opportunity to respond before issuing a reassessment notice; the officer's inquiry at this stage is limited to ascertaining existence of such information and does not adjudicate the merits, while procedural protections-objection, access to information, and appellate remedies-remain available.
    Case LawsCustoms
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    Show AI Summary
    Co accused statements: cannot alone ground smuggling conviction; requires corroboration and procedural compliance to protect presumption of innocence.
    A solitary declaration by a co accused is insufficient to establish participation in a smuggling offence without independent corroborative evidence linking the accused to the seized goods or operation; reliance on such statements without examination and opportunity for cross examination undermines their evidentiary value and contravenes fair trial protections and the presumption of innocence.
    Case LawsIncome Tax
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    Monetary limits for appeals reshape Revenue litigation strategy, reducing low stake appeals and encouraging selective prosecution.
    The court treated CBDT instructions on monetary limits as possessing binding effect within the statutory appeals framework, harmonising the right to appeal with monetary limit provisions and applying policy considerations from the National Litigation Policy to limit low stake Revenue appeals; this approach affects Revenue litigation strategy, judicial resource allocation, taxpayer relief, and invites possible legislative clarification regarding retrospective or prospective application.
    Case LawsCustoms
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    Misdeclaration of goods: deliberate misstatements attract differential duty, redemption fines and potential confiscation under customs law.
    Misdeclaration of goods in declared quantity and weight violates the statutory declaration regime; an accurate declaration is essential to duty assessment, and material, deliberate discrepancies justify imposition of differential duty, redemption fines and potential confiscation to protect revenue and deter evasion.
    Case LawsGST
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    The case addresses non-compliance with GST notice procedures where intimation in Form GST DRC-01A and a show cause notice under Section 74(1) were issued simultaneously, depriving the taxpayer of a statutory opportunity to reply. Emphasising procedural fairness and the right to a fair hearing, the court required that the taxpayer be allowed to file a response within a specified timeframe and that further proceedings, including any fresh notice, follow after consideration of that reply.
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    Penalty notice specificity: lack of clarity requires proof of actual prejudice before challenging tax penalties.
    Penalty notices under Section 271(1)(c) read with Section 274 must clearly communicate the specific charge to secure a fair hearing; failure to object during proceedings may constitute acquiescence. Procedural defects do not invalidate penalty proceedings unless the affected party proves actual prejudice, and the burden of demonstrating such prejudice lies with the party alleging breach of natural justice.
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    Decoding the Penalty Provisions under Section 271(1)(c): Analyzing the Fine Line Between Concealment...
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    Furnishing inaccurate particulars cannot be presumed from mere disallowance; defective notices and bona fide claims constrain penalties.
    Penalty for furnishing inaccurate particulars of income requires proof of knowingly misstated or concealed particulars; mere disallowance of a claim does not suffice. A bona fide, arguable claim should not automatically attract penalty, and a defective or unadapted notice that fails to demonstrate application of mind can vitiate penalty proceedings.
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    Furnishing inaccurate particulars: claiming non existent depreciation can attract penalty even without willful concealment; notice must be specific.
    Claiming depreciation on non existent assets constitutes furnishing inaccurate particulars of income under the penalty provision; proof of willful concealment is not a necessary ingredient for civil penalty liability. Notices initiating penalty proceedings must be specific and clear to meet natural justice requirements, and factual admissions and reversal of disputed claims are operative in determining whether inaccurate particulars were furnished.
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    An Analysis of the Natural Justice Principle in Tender Cancellation: A Case Study
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    Natural justice in tender cancellations: ensure opportunity to be heard; flexibility applies where no actual prejudice arises.
    Natural justice in tender cancellation requires affected parties be given an opportunity to meet allegations; the case highlights an e tender interrupted by an ex parte inquiry, cancellation without prior notice, and allegations of bias. These procedural deficiencies implicate the audi alteram partem principle and render such cancellations arbitrary where parties are not afforded a fair chance to respond. The analysis notes natural justice is flexible and, in absence of actual prejudice, its breach may not invalidate administrative action, while stressing transparency and balanced procedural fairness by public bodies.
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    The judgment requires municipal enforcement actions affecting immovable property to rest on clear statutory authority and to respect constitutional property rights, insisting that dispossession or demolition follow lawful procedure. It mandates observance of natural justice, specifically adequate notice and an opportunity to be heard, and embeds these procedural safeguards within principles of transparency, proportionality, and reasoned municipal decision making.
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    Disclosure obligations under the Foreign Exchange Management Act require enforcement authorities to furnish accused persons with all relevant documents and evidence to enable preparation of defence, reflecting the right to a fair hearing and natural justice. Investigative confidentiality may justify limited nondisclosure only when authorities demonstrate specific harm, and any withholding must be narrowly tailored, with reasoned determinations that preserve core procedural fairness in FEMA adjudications.
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    Imposition of penalties under Section 112(a) for alleged under invoicing and dual invoicing was sustained on the basis that receipt of part consideration and issuance of false invoices constituted participation in a scheme to evade customs duty; the offences were treated as occurring within India so the Customs Act applied, co noticee settlements did not extend immunity to others, and a jurisdictional challenge to DRI authority was found inapplicable to the notice issued.
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    Failure to file return on time triggers penalty under Section 271F even if return is later filed after reassessment notice.
    The summary addresses penalty liability for failing to file the original income tax return by the statutory due date, noting that later filing in response to a reassessment notice does not excuse the late original filing. It emphasizes that initiation of penalty proceedings after completion of reassessment does not automatically vitiate the penalty, and that absence of a valid reason for delay sustains penal consequences under the provision for non-filing.
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    Burden to prove unaccounted income: additions require admissible evidence, not assumptions from survey reports.
    Burden to prove alleged unaccounted income lies with the revenue; additions based on survey findings and an Inspector's report to re fix sale prices must be supported by admissible evidence. The taxpayer used the percentage of completion method for construction income, and impounded documents from a statutory survey were central to the dispute. Additions founded mainly on assumptions or inspector notes, without corroborative proof linking seized material to unexplained receipts, are susceptible to appellate review.
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    Depreciation on aircraft recognized when operational preparations precede airworthiness certificate, affecting tax depreciation timing.
    The tribunal treated preparatory expenditures to make a newly acquired aircraft operational as integral to business activity for determining the timing of depreciation, remitted the classification and amortisation of engine improvement and overhaul costs to the assessing officer, allowed component replacement and repair costs as revenue deductions because they did not extend useful life, and confirmed that interest on TDS is not an allowable deduction.
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    The commentary examines locus standi under the Insolvency and Bankruptcy Code, focusing on entitlement to initiate, challenge and participate in the Corporate Insolvency Resolution Process. It highlights procedural interactions among the financial creditor, resolution professional and Committee of Creditors, and discusses contested applications for extension of plan implementation, protection of bank guarantees and permission for fresh bids where a bidder failed to perform. The piece stresses that standing depends on a direct, legitimate interest and that courts apply a stringent interest based test when admitting challenges or procedural relief in IBC proceedings.
    Case LawsIBC
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    Shareholder rights are substantially curtailed after commencement of CIRP: shareholders may file claims in liquidation but lack standing to overturn CoC commercial decisions. The commercial wisdom of the Committee of Creditors is entitled to deference and is reviewable by courts only for material irregularity or legal violation; procedural objections and requests for forensic audit must demonstrate such material illegality to unsettle an approved resolution plan under the IBC.
    Case LawsIncome Tax
    Navigating Financial Distress: A Legal Analysis of Progressive Tax Instalment Judgments
    Show AI Summary
    Instalment payments: courts permit flexible tax instalment schedules for financially distressed corporates while respecting lower court discretion.
    The courts endorsed a flexible instalment framework permitting extension and adjustment of tax payment schedules when a corporate taxpayer demonstrates reduced capacity to pay, including temporary reduction of individual instalments with deficits spread over remaining payments. The appellate decision upheld the lower court's discretion, emphasising deference absent clear error and supporting reasonableness and proportionality in accommodating financial distress while preserving eventual recovery of assessed liabilities.

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      Review of Customs duty Exemptions - Review of conditional exemption rates of BCD

      24 July, 2024

      Contents
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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      (i) The BCD exemption for the goods covered under following serial numbers of the notification are being extended upto 31st March, 2026 unless specified otherwise.

      S. No.

      S N of 50/17-Cus

      Brief Description

      1.

      17

      Specified Planting materials, namely, oilseeds, seeds of vegetables, tubers, etc.

      2.

      80A

      Algal oil for manufacturing of aquatic feed

      3.

      90

      Lactose for use in manufacture of homeopathic medicines

      4.

      104

      Specified goods used in processing of sea-food

      5.

      133

      Gold ores and concentrates

      6.

      139

      Bunker Fuels namely: (i). IFO 180 CST; (ii). IFO 380 CST; (iii). VLSFO (CTH 27)

      7.

      150

      Naphtha for manufacture of Fertilisers (scope of exemption is being reduced only to Naphtha)

      8.

      155

      Liquefied petroleum gases (LPG) received from unit in SEZ and returned by the DTA unit to the SEZ unit

      9.

      164

      Electrical energy supplied from SEZ unit to DTA

      10.

      165

      Electrical energy supplied from SEZ to DTA

      11.

      172

      Specified goods used in manufacture of silicon wafers or solar wafers, for manufacture of solar cell or module

      12.

      183

      Medical use fission Molybdenum-99 (Mo-99) for use in manufacture of radio pharmaceuticals

      13.

      184

      Pharmaceutical Reference Standard

      14.

      188

      Goods for manufacture of ELISA Kits

      15.

      191

      Maltol for manufacture of deferiprone

      16.

      204

      Anthraquinone or 2-Ethyl Anthraquinone for use in manufacture of Hydrogen peroxide

      17.

      237

      Specified material for manufacture of EVA (Ethylene Vinyl Acetate) sheets or backsheet, which are used in the manufacture of solar photovoltaic cells or modules (Scope of materials which can be imported is being increased)

      18.

      253

      Specified Goods for manufacture of Brushless Direct Current (BLDC) motors

      19.

      257

      Tags, labels, stickers, belts, buttons, hangers or printed bags, imported by bonafide exporters

      20.

      257A

      Specified goods used in manufacture of handicraft items for export when imported by bonafide exporter

      21.

      257B

      Specified goods used in manufacture of textile or leather garments for export when imported by bonafide exporter

      22.

      257C

      Specified goods used in manufacture of leather or synthetic footwear or other leather products for export when imported by bonafide exporter

      23.

      258

      Security fibre, threads, Paper based Taggant, M-feature for use in manufacture of security paper by Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Pvt Ltd, Mysore.

      24.

      259

      Raw materials for manufacture of security fibre and security thread for supply to Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Pvt. Ltd, Mysore for use in manufacture of security paper

      25.

      260

      Goods for the manufacture of specified orthopedic implants (902110)

      26.

      261

      Raw material for manufacture of Copper-T Contraceptive

      (i) Alatheon

      (ii) Copper Wire

      27.

      265

      Capacitor grades polypropylene granules for manufacture of Capacitor grade plastic

      28.

      269

      Super absorbent polymer for manufacture of adult diapers and specified goods

      29.

      271

      Polytetrametylene ether glycol, (PT MEG) for use in manufacture of spandex yarn

      30.

      276

      Ethylene- propylene- non-conjugated diene rubber (EPDM) for manufacture of insulated wire and cables

      31.

      279

      New or retreated Pneumatic tyres of rubber for use in servicing, repair of maintenance of aircrafts used for operating scheduled air transport service or scheduled air cargo service etc

      32.

      280

      New or retreated Pneumatic tyres of rubber for use in servicing, repair or maintenance of aircraft imported or procured by Aero Club of India/ for flying training purpose/ operating non-scheduled (passenger or charter) services/ AAI for flight calibration purpose

      33.

      290

      Wood pulp for manufacture of newsprint, paper or paperboard

      34.

      292

      Goods imported for manufacture of paper, paper boards, newsprint

      35.

      293A

      Newsprint and uncoated paper imported for printing of newsprint

      36.

      296A

      Lightweight coated paper imported by actual users for printing of magazines

      37.

      326

      Hydrophilic /Hydrophobic Non- Woven, imported for use in the manufacture of Adult Diapers

      38.

      329

      Pile fabrics for the manufacture of toys

      39.

      333

      Moulds, tools and dies, for the manufacture of parts of electronic components or electronic equipment

      40.

      334

      (i) Graphite Felt or Graphite pack for growing silicon ingots (ii) Thin Steel wire used in wire saw for slicing of silicon wafers

      41.

      345A

      Simply Sawn Diamonds

      42.

      364A

      Spent catalyst or ash containing precious metals

      43.

      368

      Ferrous Scrap

      44.

      374

      Magnesium Oxide (MgO) coated cold rolled steel coils for use in manufacture of cold rolled grain oriented (CRGO) steel

      45.

      375

      Specified items for manufacture of cold rolled grain-oriented steel (CRGO) steel

      46.

      378

      Metal parts for manufacture of electrical insulators falling under heading 8546

      47.

      379

      Pipes and tubes for use in manufacture of boilers

      48.

      380

      Forged steel rings for manufacture of special bearings for use in wind operated electricity generators

      49.

      381

      Flat copper wire for use in the manufacture of photo voltaic ribbon for manufacture of solar photovoltaic cell or modules

      50.

      392

      Dies for drawing metal, where imported after repairs from abroad

      51.

      403

      Parts and raw materials for offshore oil exploration

      52.

      404

      Specified items including capital goods and raw materials for off shore oil exploration

      53.

      415

      Parts for manufacture of catalytic convertors

      54.

      415A

      Platinum or Palladium for manufacture of Noble Metal Compounds & Noble Metal Solutions

      55.

      416

      Ceria zirconia compounds for use in the manufacture of washcoat for catalytic converters

      56.

      417

      Cerium compounds for use in the manufacture of washcoat for catalytic converters

      57.

      418

      Zeolite for use in the manufacture of washcoat for catalytic converters

      58.

      422

      Machinery, electrical equipment for use in semiconductor wafer and LCD

      59.

      423

      Machinery, electrical equipment for use in marking and packaging of semiconductor chips

      60.

      426

      Specified goods for the manufacture of semiconductor devices, memory card, IC, solar cell

      61.

      435

      Capital goods for printing industry

      62.

      442

      Bushings made of Platinum and Rhodium alloy when imported in exchange of worn out or damaged bushings exported out of India

      63.

      446

      Parts and components for manufacture of tunnel boring machines

      64.

      451

      Evacuated tubes with three layers of solar selective coating for use in manufacture of solar water heater

      65.

      462

      Ball screws for use in the manufacture of CNC Lathes

      66.

      463

      Linear Motion Guides for use in the manufacture of CNC Lathes

      67.

      464

      CNC Systems for use in the manufacture of CNC Lathes

      68.

      464A

      Goods for manufacture of plastic processing machineries

      69.

      467

      Parts and components of cash dispenser or automatic bank note dispenser

      70.

      468

      Parts for manufacture of Micro ATM, Fingerprint reader/scanner, Iris scanner, Miniaturised POS (Scope of exemption is being limited to import of raw materials only)

      71.

      471

      All parts for use in the manufacture of LED lights

      72.

      472

      All inputs for use in the manufacture of LED driver or MCPCB for LED lights

      73.

      476

      Television equipment, cameras etc for taking films, imported by a foreign film unit or television team

      74.

      477

      Filming equipment of foreign origin if imported into India after having been exported therefrom.

      75.

      480

      Goods imported for being tested in specified test centers

      76.

      489B

      Goods for manufacturing of Microphones

      77.

      504

      Parts and Components of Digital Still Image Video Cameras

      78.

      509

      Parts, components and accessories for manufacture of Digital Video Recorder

      79.

      510

       Parts, components and accessories for use in manufacture of reception apparatus for television

      80.

      511

      Parts, components and accessories for manufacture of CCTV Camera

      81.

      512

      Specified Parts, components and for use in manufacture of Lithium-ion battery and battery pack

      82.

      512A

      Inputs, parts or sub-parts for use in the manufacturing of Printed Circuit Board Assembly

      83.

      515A

      Open Cell for manufacture of TV Panel

      84.

      516

      The following goods for use in the manufacture of Liquid Crystal Display (LCD) /LED TV Panel

      85.

      517

      Magnetrons for manufacture of domestic microwave ovens

      86.

      519

      Raw materials or parts for use in manufacture of e-Readers

      87.

      523A

      Parts, sub-parts, inputs or raw material for use in manufacture of Lithium-ion cells

      88.

      527

      Lithium-ion cell use in manufacture of battery or battery pack

      89.

      527A

      Lithium-Ion Cell for use in manufacture of battery or battery pack of cellular mobile

      90.

      527B

      Lithium-Ion Cell manufacture of battery or battery pack of EV

      91.

      534

      Parts of gliders or simulators of aircrafts (excluding rubber tyres and tubes of gliders)

      92.

      535

      Raw materials for manufacture of aircraft and parts of aircraft

      93.

      535A

      Parts of aircraft for manufacture of aircraft or for manufacture of parts of aircraft by PSU under Min of Defence

      94.

      536

      Parts, testing equipment, tools and tool-kits for maintenance, repair, and overhauling of aircraft, components or parts of aircrafts

      95.

      537

      All goods of Heading 8802 (except 88026000-spacecraft)

      96.

      538

      Components or parts, including engines, of aircraft of heading 8802

      97.

      539

      (a) Satellites and payloads; (b) Ground equipment brought for testing of (a)

      98.

      539A

      Scientific and technical instruments etc for launch vehicles and satellites

      99.

      540

      Specified goods imported by scheduled air transporter

      100.

      542

      Specified goods imported by Aero Club, Flying Training Institutes

      101.

      543

      Specified goods imported by non-scheduled air transporter

      102.

      544

      Parts (other than rubber tubes), of aircraft of heading 8802

      103.

      546

      Parts (other than rubber tubes), of aircraft of heading 8802

      104.

      548

      Barges or pontoons imported along with ships

      105.

      551

      Cruise ships, Excursion ships

      106.

      553

      Fishing vessels, Tugs and Pusher crafts, light vessels excluding vessels and floating structure imported for break up

      107.

      555

      Vessels like warships, lifeboats excluding vessels and floating structure imported for break up

      108.

      567

      Stainless steel tube and wire, for manufacture of Coronary stents /artificial valve

      109.

      569

      Parts required for manufacture of Ostomy products

      110.

      570

      Medical and surgical instruments, apparatus and appliances including spare parts and accessories thereof

      111.

      575

      Specified Hospital Equipment for use in specified hospitals

      112.

      578A

      Raw materials, for the manufacture of Cochlear Implants

      113.

      580

      X-Ray Baggage Inspection Systems and parts thereof

      114.

      581

      Portable X-ray machine / system

      115.

      583

      Parts and cases of braille watches, for the manufacture of Braille watches

      116.

      591

      Parts of electronic toys

      117.

      593

      Parts of video games for the manufacture of video games

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (ii) The BCD exemption for the goods covered under following serial numbers of the notification no 50/2017-Customs is being extended upto 31st March 2029.

      S. No.

      S. No. of 50/2017Cus

      Brief Description

      1.

      212A

      Medicines/drugs/vaccines supplied free by United  Nations International Children's Emergency Fund (UNICEF), Red Cross etc

      2.

      213

      Drugs and materials

      3.

      428

      Specified goods imported by accredited press cameraman

      4.

      429

      Specified goods, imported by accredited journalist

      5.

      549

      Capital goods, raw materials and spares for repairs of ocean-going vessels

      6.

      550

      Spare parts and consumables for repairs of ocean going vessels registered in India.

      7.

      577

      Lifesaving medical equipment for personal use

      8.

      607

      Life Saving drugs like Keytruda etc

      9.

      607A

      Lifesaving drugs/medicines for personal use

      10.

      611

      Archaeological artefacts for exhibition in a museum

      11.

      612

      Specified raw material for sports goods

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      Topics

      ActsIncome Tax
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