Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
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Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court observed that, the additions u/s 41(1) were made for the differences which arose on account of only book entries. - Admittedly, the assessee had actually made the payment in the later year and the party has accounted receipt in the same financial year which resulted into differences in the balance as added by the Assessing Officer. - Consequently, the HC affirmed the decision of ITAT deleting the addition.
Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court observed that, the additions u/s 41(1) were made for the differences which arose on account of only book entries. - Admittedly, the assessee had actually made the payment in the later year and the party has accounted receipt in the same financial year which resulted into differences in the balance as added by the Assessing Officer. - Consequently, the HC affirmed the decision of ITAT deleting the addition.
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