The goods were re-exported in April 2005 after Customs clearance. Customs authorities issued a show-cause notice alleging non compliance with Notification No.158/95 and demanded duties and interest.
Tribunal was justified in declining capital gain exemption under Section 54F with respect to a property described as “makaan” (house) in the registered sale deed but in reality having a brick kiln construction.
Assessee-trust was in distinct social activities in community welfare and development. It had received an SCN in Form-REG-31 regarding the cancellation of GST registration.
AO observed that Wealth Tax Act was already abolished from financial year 2015-16, and the details of the assets were now required to be filed in the Income-tax Return for the assessment year.
Assessee challenged an income tax assessment order under Section 147 read with Section 144. Assessee represented a Hindu Undivided Family (HUF) who was Karta, Mr. M. Subramanian passed away on 15.01.2013.
Despite late filing of Form 67, assessee deserved the credit for taxes paid in Nepal since the provisions of DTAA (in this case DTAA with Nepal) had an overriding effect over other provisions of the Act.
It was felt that the minute details of matching of accounts, working out the exact quantum of turnover from the bank accounts and matching of vouchers with expenses claimed could not be done by this Bench of ITAT.
ITAT order was based on the fact that assessee had discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions.
Assessee had not challenged the validity of reopening, though for the first time, assessee had challenged the action of AO by taking plea that AO should have assessed assessee under section 153C and not section 147/148.
Since the Resolution Plan was duly approved by the NCLAT and there being no progress worth the name, there was no other option but to invoke our jurisdiction under Article 142 of the Constitution and direct that the Corporate Debtor be taken in Liquidation.
