Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The assessee's claim that bank credits were merely sale proceeds collected as a commission agent for farmers was rejected because no confirmations, agreements or other supporting material were produced. However, the estimate of profit at 12.5% of the total bank credits was held excessive, as the AO had not relied on comparable cases or other evidence to justify that rate. Following prior ITAT authority on fruits and vegetables trade, income was directed to be estimated at 4% of the total bank credits, and the addition was reduced accordingly.
The assessee's claim that bank credits were merely sale proceeds collected as a commission agent for farmers was rejected because no confirmations, agreements or other supporting material were produced. However, the estimate of profit at 12.5% of the total bank credits was held excessive, as the AO had not relied on comparable cases or other evidence to justify that rate. Following prior ITAT authority on fruits and vegetables trade, income was directed to be estimated at 4% of the total bank credits, and the addition was reduced accordingly.
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