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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Reopening of assessment u/s 147 was not valid as the Revenue Audit Report merely pointed out discrepancy in computation method and opined on applicability of Section 50C, which is an interpretation of law and not 'information' required for reopening. The Assessing Officer's reasons recorded for reopening showed lack of reason to believe income escaped assessment, being mere reason to suspect based on change of opinion. Section 50C was held inapplicable to sale after conversion of capital asset into stock-in-trade, following precedents. The appeal was allowed in favor of the assessee.
Reopening of assessment u/s 147 was not valid as the Revenue Audit Report merely pointed out discrepancy in computation method and opined on applicability of Section 50C, which is an interpretation of law and not 'information' required for reopening. The Assessing Officer's reasons recorded for reopening showed lack of reason to believe income escaped assessment, being mere reason to suspect based on change of opinion. Section 50C was held inapplicable to sale after conversion of capital asset into stock-in-trade, following precedents. The appeal was allowed in favor of the assessee.
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