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, an Appellate Tribunal, addressed the issue of penalty u/s 271B for failure to maintain and audit books of accounts under section 44AB. The assessee did not maintain books of account, leading to a violation of section 44AA. The penalty under section 271B was imposed for non-submission of books, despite the assessee not having any to produce. The Tribunal found the penalty imposed by the Assessing Officer to be erroneous, directing its deletion. The assessee's appeal was allowed.
The ITAT, an Appellate Tribunal, addressed the issue of penalty u/s 271B for failure to maintain and audit books of accounts under section 44AB. The assessee did not maintain books of account, leading to a violation of section 44AA. The penalty under section 271B was imposed for non-submission of books, despite the assessee not having any to produce. The Tribunal found the penalty imposed by the Assessing Officer to be erroneous, directing its deletion. The assessee's appeal was allowed.
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