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...
Unsecured loans received by assessee were supported by documentary evidence proving identity, genuineness, and creditworthiness of lenders. No contrary material brought by Revenue to doubt transactions. Hence, no addition u/s 68 was warranted and corresponding disallowance of interest u/s 69C was rightly deleted. Assessee did not earn any exempt income, only gains from investments. Section 14A disallowance applies when exempt income is received/receivable. As no exempt income was earned, disallowance u/s 14A read with Rule 8D was correctly deleted by CIT(A), even considering prospective amendment. Order in favor of assessee upheld.
Unsecured loans received by assessee were supported by documentary evidence proving identity, genuineness, and creditworthiness of lenders. No contrary material brought by Revenue to doubt transactions. Hence, no addition u/s 68 was warranted and corresponding disallowance of interest u/s 69C was rightly deleted. Assessee did not earn any exempt income, only gains from investments. Section 14A disallowance applies when exempt income is received/receivable. As no exempt income was earned, disallowance u/s 14A read with Rule 8D was correctly deleted by CIT(A), even considering prospective amendment. Order in favor of assessee upheld.
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