Status of Income Tax Trade Notices

Trade Notice, even if it is issued by the Revenue Department of any one State, is binding on all the other departments with equal force all over the country. The Trade Notice guides the traders and business community in relation to their business as how to regulate it in accordance with the applicable laws or schemes. Trade Notice, as such, is not binding on the Courts but certainly binding on the assessee and can be contested by the assessee.

See: Steel Authority of India v. Collector of Customs, (Supreme Court of India, 2001); CCE v. Kores (India) Ltd. (Supreme Court of India, 1999); UOI v Pesticides Manufacturing and Formulators  Association of India, (Supreme Court of India, 2002); CCE v. Jayant Dalal (P) Ltd., (Supreme Court of India, 1997)

Author: Vikrant Narayan Vasudeva
Photo by Internet Archive Book Images