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...
The assessee filed an original return u/s 139(4) and later discovered an omission, wrongly claiming deduction u/s 57 for interest paid on borrowed capital under 'Income from Other Sources' instead of 'Business Income'. As per Section 139(5), a revised return can be filed within one year from the end of the relevant assessment year or before completion of assessment, whichever is earlier. The assessee filed a revised return within the stipulated timeframe, correctly claiming the deduction under 'Business Income'. The CIT(A) decided the matter without affording an opportunity to the assessee. The ITAT set aside the matter to the CIT(A) to decide afresh after providing reasonable opportunity to the assessee, allowing the appeal for statistical purposes. The revised return needs to be considered to examine the claim of deduction.
The assessee filed an original return u/s 139(4) and later discovered an omission, wrongly claiming deduction u/s 57 for interest paid on borrowed capital under 'Income from Other Sources' instead of 'Business Income'. As per Section 139(5), a revised return can be filed within one year from the end of the relevant assessment year or before completion of assessment, whichever is earlier. The assessee filed a revised return within the stipulated timeframe, correctly claiming the deduction under 'Business Income'. The CIT(A) decided the matter without affording an opportunity to the assessee. The ITAT set aside the matter to the CIT(A) to decide afresh after providing reasonable opportunity to the assessee, allowing the appeal for statistical purposes. The revised return needs to be considered to examine the claim of deduction.
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