Seeks to amend notification No.23/2012-Customs (ADD) dated the 4th May, 2012.
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- No penalty can be levied on a tax demand that arises purely from the deeming fiction of Section 56(2)(x) of the Income-tax Act, 1961.
- “Purchase” for a 54F exemption means making the investment, not just the final registration of the sale deed within the prescribed time.
- A search assessment requires incriminating material, not just regular books of account.
- An ad hoc disallowance of a fully vouched and verified business expenditure is arbitrary and legally unsustainable.
- A lumpsum payment in lieu of pension is exempt, even if not on retirement.
- A taxpayer must be given a reasonable time to procure supporting documents from a group entity before an expense claim is disallowed.
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