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...
Interest earned by an educational institution on unspent Government grant funds temporarily parked in bank accounts and FDRs was treated as incidental to the grants, not as an independent source of income. On the facts that the assessee was formed solely to run an engineering college, had land allotted by the State, received funding only through Government grants and allied contributions, and had no operational income while the college was under construction, it was held to be wholly or substantially financed by Government and entitled to exemption under section 10(23C)(iiiab). As the quantum addition was deleted, the related penalty under section 270A was held purely consequential and unsustainable.
Interest earned by an educational institution on unspent Government grant funds temporarily parked in bank accounts and FDRs was treated as incidental to the grants, not as an independent source of income. On the facts that the assessee was formed solely to run an engineering college, had land allotted by the State, received funding only through Government grants and allied contributions, and had no operational income while the college was under construction, it was held to be wholly or substantially financed by Government and entitled to exemption under section 10(23C)(iiiab). As the quantum addition was deleted, the related penalty under section 270A was held purely consequential and unsustainable.
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