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 ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite the assessing officer invoking section 68 of the Income Tax Act, the Commissioner of Income Tax (Appeals) upheld the addition under section 41(1), citing long-standing outstanding credits. However, the Appellate Tribunal ruled in favor of the appellant, finding insufficient evidence of cessation of liabilities. Specific cases were examined, and additions were deleted due to lack of evidence or the appellant's satisfactory explanations.
Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite the assessing officer invoking section 68 of the Income Tax Act, the Commissioner of Income Tax (Appeals) upheld the addition under section 41(1), citing long-standing outstanding credits. However, the Appellate Tribunal ruled in favor of the appellant, finding insufficient evidence of cessation of liabilities. Specific cases were examined, and additions were deleted due to lack of evidence or the appellant's satisfactory explanations.
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