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...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
The ITAT Jodhpur dealt with a case involving addition u/s 68 of the Income Tax Act concerning alleged bogus share application money. The Investigation Wing provided specific information, but the CIT(A) deleted the addition after finding the investor companies' identity, creditworthiness, and genuineness were proven by the assessee. The tribunal upheld the CIT(A)'s decision, stating the AO lacked a basis for the addition. The commission expenses for the alleged bogus share application money were deemed unnecessary due to the genuine nature of the funds. The reassessment proceedings' validity was not directly addressed by the CIT(A) but was considered decided against the assessee based on a legal precedent. The tribunal allowed the assessee to argue the reassessment issue despite not appealing the CIT(A)'s decision, in line with ITAT Rules.
The ITAT Jodhpur dealt with a case involving addition u/s 68 of the Income Tax Act concerning alleged bogus share application money. The Investigation Wing provided specific information, but the CIT(A) deleted the addition after finding the investor companies' identity, creditworthiness, and genuineness were proven by the assessee. The tribunal upheld the CIT(A)'s decision, stating the AO lacked a basis for the addition. The commission expenses for the alleged bogus share application money were deemed unnecessary due to the genuine nature of the funds. The reassessment proceedings' validity was not directly addressed by the CIT(A) but was considered decided against the assessee based on a legal precedent. The tribunal allowed the assessee to argue the reassessment issue despite not appealing the CIT(A)'s decision, in line with ITAT Rules.
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