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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The ITAT Delhi ruled on penalty u/s 271FA for non-filing of return/Statement of Financial Transaction (SFT) u/s 285BA(1). Assessee reported no reportable transactions in Tax Audit Report, thus no SFT filing was required. Penalty was imposed despite the absence of reportable transactions. Citing M/S Guntur District Co-operative Central Bank Ltd., ITAT held that the assessee's belief of no filing requirement due to lack of reportable transactions was reasonable under u/s 273B. AO was directed to delete the penalty u/s 271FA. The assessee's ground was allowed.
The ITAT Delhi ruled on penalty u/s 271FA for non-filing of return/Statement of Financial Transaction (SFT) u/s 285BA(1). Assessee reported no reportable transactions in Tax Audit Report, thus no SFT filing was required. Penalty was imposed despite the absence of reportable transactions. Citing M/S Guntur District Co-operative Central Bank Ltd., ITAT held that the assessee's belief of no filing requirement due to lack of reportable transactions was reasonable under u/s 273B. AO was directed to delete the penalty u/s 271FA. The assessee's ground was allowed.
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