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...
Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment. Voluntary surrender does not fall under deemed concealment as per Explanation 5A to section 271(1)(c). AO erred in levying penalty u/s 271(1)(c) by invoking Explanation 5A. CIT(A) sustained penalty without appreciating facts. ITAT set aside CIT(A) order, directed AO to delete penalty u/s 271(1)(c). Assessee's appeal allowed.
Voluntary surrender of income by assessee cannot be considered concealment. AO failed to prove concealment, merely concluded voluntary surrender as concealment. Voluntary surrender does not fall under deemed concealment as per Explanation 5A to section 271(1)(c). AO erred in levying penalty u/s 271(1)(c) by invoking Explanation 5A. CIT(A) sustained penalty without appreciating facts. ITAT set aside CIT(A) order, directed AO to delete penalty u/s 271(1)(c). Assessee's appeal allowed.
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