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...
The High Court considered the treatment of unsecured loans disallowed in tax assessment at 9% p.a. The ITAT, u/s CIT-Appeals, held that the Respondent explained the transactions satisfactorily. Referring to another ITAT decision, it found the addition to income was based on conjecture. The HC concluded that no substantial legal question was raised for appeal as the evidence supported the Respondent's position. This case did not involve accounting entries disguising transactions, and factual aspects were resolved in favor of the Respondent.
The High Court considered the treatment of unsecured loans disallowed in tax assessment at 9% p.a. The ITAT, u/s CIT-Appeals, held that the Respondent explained the transactions satisfactorily. Referring to another ITAT decision, it found the addition to income was based on conjecture. The HC concluded that no substantial legal question was raised for appeal as the evidence supported the Respondent's position. This case did not involve accounting entries disguising transactions, and factual aspects were resolved in favor of the Respondent.
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