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...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
In bank tax assessments, the Tribunal held that the opening FCTR (Foreign Currency Translation Reserve) balance could not be taxed under ICDS-VI where the Act taxes only current-year income, and a CBDT circular cannot override sections 4 and 5. It also held that section 115JB does not apply to corresponding new banks, and that section 14A cannot be invoked for securities held as stock-in-trade. Reassessment based only on existing records was invalid for want of fresh tangible material, and an assessment on an amalgamated, non-existing entity was a jurisdictional nullity. The Tribunal further upheld relief on bad debts, refund interest, NPA interest, regulatory payments, perpetual bond interest, HTM premium amortisation, wage revision provision, and depreciation on investments.
In bank tax assessments, the Tribunal held that the opening FCTR (Foreign Currency Translation Reserve) balance could not be taxed under ICDS-VI where the Act taxes only current-year income, and a CBDT circular cannot override sections 4 and 5. It also held that section 115JB does not apply to corresponding new banks, and that section 14A cannot be invoked for securities held as stock-in-trade. Reassessment based only on existing records was invalid for want of fresh tangible material, and an assessment on an amalgamated, non-existing entity was a jurisdictional nullity. The Tribunal further upheld relief on bad debts, refund interest, NPA interest, regulatory payments, perpetual bond interest, HTM premium amortisation, wage revision provision, and depreciation on investments.
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