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...
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Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial amount of the purchase consideration was paid, and the transaction is embroiled in a legal dispute, hence section 50C should not be applicable. - The ITAT noted that despite the assessee's claim of only a partial payment, the sale deed indicated otherwise. As a result, the tribunal upholds the addition to the assessee's income under section 56(2)(x)(b)(B) for the differential amount between the stamp value and the purchase consideration.
Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial amount of the purchase consideration was paid, and the transaction is embroiled in a legal dispute, hence section 50C should not be applicable. - The ITAT noted that despite the assessee's claim of only a partial payment, the sale deed indicated otherwise. As a result, the tribunal upholds the addition to the assessee's income under section 56(2)(x)(b)(B) for the differential amount between the stamp value and the purchase consideration.
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