Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values from excel sheet for 3 Bills of Entry, enhanced value where warranted for 16 Bills. Addition of 20% freight, 1.125% insurance u/r 10(2) not sustainable, excel values treated as CIF. Confiscation value Rs.5,47,66,445, penalty of Rs.9 lakhs on Nitin u/s 112 fair. Penalty of Rs.20 lakhs on Nitin u/s 114AA set aside. Penalty of Rs.2 lakhs on Anshul u/s 112 upheld, Rs.5 lakhs penalty u/s 114AA set aside. Declared value rejection upheld, re-determination partly upheld treating excel values as CIF. Remanded for re-computing duty, interest, penalty u/s 114A. Appeal allowed by way of remand.
Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values from excel sheet for 3 Bills of Entry, enhanced value where warranted for 16 Bills. Addition of 20% freight, 1.125% insurance u/r 10(2) not sustainable, excel values treated as CIF. Confiscation value Rs.5,47,66,445, penalty of Rs.9 lakhs on Nitin u/s 112 fair. Penalty of Rs.20 lakhs on Nitin u/s 114AA set aside. Penalty of Rs.2 lakhs on Anshul u/s 112 upheld, Rs.5 lakhs penalty u/s 114AA set aside. Declared value rejection upheld, re-determination partly upheld treating excel values as CIF. Remanded for re-computing duty, interest, penalty u/s 114A. Appeal allowed by way of remand.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
