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...
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Disallowing interest expenditure claimed u/s 36(1)(iii) when the assessee firm has interest-free funds and the amount overdrawn by partners. The Tribunal held that since the assessee firm had interest-free funds sufficient to cover the amounts overdrawn by partners, as evident from audited accounts, the disallowance of interest expenditure by the Assessing Officer was unjustified. The Tribunal relied on decisions of the Bombay High Court and its own coordinate Bench, which established that if an assessee has sufficient interest-free funds and advances are made without charging interest, disallowance u/s 36(1)(iii) on such advances for notional interest is not permissible. The Tribunal found no merit in the Revenue's appeal, concluding that the Assessing Officer's adverse inference was a misreading of facts contrary to documented evidence provided by the assessee.
Disallowing interest expenditure claimed u/s 36(1)(iii) when the assessee firm has interest-free funds and the amount overdrawn by partners. The Tribunal held that since the assessee firm had interest-free funds sufficient to cover the amounts overdrawn by partners, as evident from audited accounts, the disallowance of interest expenditure by the Assessing Officer was unjustified. The Tribunal relied on decisions of the Bombay High Court and its own coordinate Bench, which established that if an assessee has sufficient interest-free funds and advances are made without charging interest, disallowance u/s 36(1)(iii) on such advances for notional interest is not permissible. The Tribunal found no merit in the Revenue's appeal, concluding that the Assessing Officer's adverse inference was a misreading of facts contrary to documented evidence provided by the assessee.
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