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...
Penalty u/s 271(c) was imposed on additions of 25% of non-verifiable purchases debited to the trading account. The addition was made on estimation of total turnover after rejecting the books of accounts. Notices u/s 133(6) were issued to various purchase parties, but all were returned by the postal authority, and the assessee did not produce the parties to confirm the same. The lower authorities observed that the revenue did not establish that the assessee had concealed or submitted inaccurate particulars of income to attract Section 271(1)(c). The addition was admittedly made on an estimate basis. The ratio of the judgment in Parasamal Babulal Jain and various ITAT pronouncements covered the assessee's case. Since the addition was made on an estimate basis, the penalty was rightly deleted by the CIT(A). The ITAT found no illegality in the CIT(A)'s order and confirmed it, deciding against the revenue.
Penalty u/s 271(c) was imposed on additions of 25% of non-verifiable purchases debited to the trading account. The addition was made on estimation of total turnover after rejecting the books of accounts. Notices u/s 133(6) were issued to various purchase parties, but all were returned by the postal authority, and the assessee did not produce the parties to confirm the same. The lower authorities observed that the revenue did not establish that the assessee had concealed or submitted inaccurate particulars of income to attract Section 271(1)(c). The addition was admittedly made on an estimate basis. The ratio of the judgment in Parasamal Babulal Jain and various ITAT pronouncements covered the assessee's case. Since the addition was made on an estimate basis, the penalty was rightly deleted by the CIT(A). The ITAT found no illegality in the CIT(A)'s order and confirmed it, deciding against the revenue.
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