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...
The assessee disputed the stamp duty value of land purchased, leading to the matter being referred to the District Valuation Officer (DVO). The DVO's valuation, based on comparable cases not objected by the assessee, was adopted as the assessee had not provided any other registered valuer's report. The CIT(A) upheld the addition u/s 56(2)(vii)(b)(ii) for the difference between purchase price and DVO's valuation, as the assessee failed to controvert the findings. The ITAT found no merit in the assessee's grounds and upheld the CIT(A)'s order, deciding against the assessee and confirming the addition u/s 56(2)(vii)(b)(ii).
The assessee disputed the stamp duty value of land purchased, leading to the matter being referred to the District Valuation Officer (DVO). The DVO's valuation, based on comparable cases not objected by the assessee, was adopted as the assessee had not provided any other registered valuer's report. The CIT(A) upheld the addition u/s 56(2)(vii)(b)(ii) for the difference between purchase price and DVO's valuation, as the assessee failed to controvert the findings. The ITAT found no merit in the assessee's grounds and upheld the CIT(A)'s order, deciding against the assessee and confirming the addition u/s 56(2)(vii)(b)(ii).
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