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...
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The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged that the assessee had undeclared capital gains of more than Rs. 50 lakhs from the sale of immovable properties worth Rs. 1.33 crores. However, the Tribunal found that the assessee had merely sold an immovable property for Rs. 43 lakhs and invested the proceeds in purchasing another property worth Rs. 90 lakhs, resulting in an addition of only Rs. 47 lakhs. The Tribunal held that it was not a case of capital gains of Rs. 1.33 crores escaping assessment, as alleged by the Assessing Officer. The reopening was deemed mechanical and lacking merit, as the Assessing Officer failed to differentiate between the two separate information sources and cumulatively considered them as escaped capital gains exceeding Rs. 50 lakhs.
The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged that the assessee had undeclared capital gains of more than Rs. 50 lakhs from the sale of immovable properties worth Rs. 1.33 crores. However, the Tribunal found that the assessee had merely sold an immovable property for Rs. 43 lakhs and invested the proceeds in purchasing another property worth Rs. 90 lakhs, resulting in an addition of only Rs. 47 lakhs. The Tribunal held that it was not a case of capital gains of Rs. 1.33 crores escaping assessment, as alleged by the Assessing Officer. The reopening was deemed mechanical and lacking merit, as the Assessing Officer failed to differentiate between the two separate information sources and cumulatively considered them as escaped capital gains exceeding Rs. 50 lakhs.
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