Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
The High Court held that the Assessing Officer cannot disallow losses merely based on assumptions and surmises regarding the commercial expediency of transactions undertaken by the assessee. The transaction for sale and purchase of dies was a pure commercial transaction entered into by the assessee in its commercial wisdom, and the fact that the assessee incurred a loss in the said transaction was not disputed. There was no allegation of any undisclosed consideration or clandestine transaction to reverse the loss. The Assessing Officer made the addition solely based on their perception of what was commercially expedient, which is not within their purview. The assessee had justified its commercial decision by reflecting enhanced turnover and profits from its business, but even if profits were not earned, it would not make a difference, as the examination is limited to whether the transactions were genuine, not whether they were commercially expedient. The High Court found no material other than suspicion to justify the addition and decided in favor of the assessee.
The High Court held that the Assessing Officer cannot disallow losses merely based on assumptions and surmises regarding the commercial expediency of transactions undertaken by the assessee. The transaction for sale and purchase of dies was a pure commercial transaction entered into by the assessee in its commercial wisdom, and the fact that the assessee incurred a loss in the said transaction was not disputed. There was no allegation of any undisclosed consideration or clandestine transaction to reverse the loss. The Assessing Officer made the addition solely based on their perception of what was commercially expedient, which is not within their purview. The assessee had justified its commercial decision by reflecting enhanced turnover and profits from its business, but even if profits were not earned, it would not make a difference, as the examination is limited to whether the transactions were genuine, not whether they were commercially expedient. The High Court found no material other than suspicion to justify the addition and decided in favor of the assessee.
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