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...
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The Appellate Tribunal held that the addition of Rs. 51.20 lacs as unexplained investment u/ss 69 or 56(2)(x)/6(2)(vii) was unjustified as there was no evidence of actual payment to vendors. Section 69 requires actual investment, not just stamp value. The lower authorities erred in making the addition, which is not taxable for a partnership firm u/s 56(2)(x) for the relevant assessment year. The decision favored the assessee, and the appeal was allowed.
The Appellate Tribunal held that the addition of Rs. 51.20 lacs as unexplained investment u/ss 69 or 56(2)(x)/6(2)(vii) was unjustified as there was no evidence of actual payment to vendors. Section 69 requires actual investment, not just stamp value. The lower authorities erred in making the addition, which is not taxable for a partnership firm u/s 56(2)(x) for the relevant assessment year. The decision favored the assessee, and the appeal was allowed.
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