Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Bogus commodity loss transaction identified as mere accommodation entry facilitated through complex fund routing. Revenue's investigation revealed modus operandi of transactions between parties, corroborated by money trail and admission by directors, establishing impugned transactions as accommodation entries for tax benefit. Burden of proof shifted to assessee to controvert findings, which was not discharged satisfactorily. Transaction treated as bogus, reducing cost of land acquisition. Unexplained credit addition deleted as source of funds established as genuine. Interest disallowance on loans reversed as source held genuine. Disallowance u/s 14A rightly deleted in absence of exempt income. Appellate Tribunal upheld Revenue's findings and assessee's contentions rejected.
Bogus commodity loss transaction identified as mere accommodation entry facilitated through complex fund routing. Revenue's investigation revealed modus operandi of transactions between parties, corroborated by money trail and admission by directors, establishing impugned transactions as accommodation entries for tax benefit. Burden of proof shifted to assessee to controvert findings, which was not discharged satisfactorily. Transaction treated as bogus, reducing cost of land acquisition. Unexplained credit addition deleted as source of funds established as genuine. Interest disallowance on loans reversed as source held genuine. Disallowance u/s 14A rightly deleted in absence of exempt income. Appellate Tribunal upheld Revenue's findings and assessee's contentions rejected.
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