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...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
The ITAT upheld the deletion of addition u/s 68 regarding the genuineness, creditworthiness, and transactions of loan creditors, relying on the orders of Ambe Tradecorp (P.) Ltd. [2022 (7) TMI 902 - Gujarat HC] and Sandip Kumar Gupta [2024 (7) TMI 1574 - ITAT Kolkata]. The loan amount was duly repaid during the assessment year, and the assessee was not the beneficial owner. The assessee provided evidence acknowledged by the CIT(A), ruling out contraventions of Section 68 regarding identity, creditworthiness, and banking channel transactions. The ITAT also upheld the CIT(A)'s decision on interest on the alleged unsecured loan, following the same principle laid down in the cited orders. The appeal was decided against the revenue.
The ITAT upheld the deletion of addition u/s 68 regarding the genuineness, creditworthiness, and transactions of loan creditors, relying on the orders of Ambe Tradecorp (P.) Ltd. [2022 (7) TMI 902 - Gujarat HC] and Sandip Kumar Gupta [2024 (7) TMI 1574 - ITAT Kolkata]. The loan amount was duly repaid during the assessment year, and the assessee was not the beneficial owner. The assessee provided evidence acknowledged by the CIT(A), ruling out contraventions of Section 68 regarding identity, creditworthiness, and banking channel transactions. The ITAT also upheld the CIT(A)'s decision on interest on the alleged unsecured loan, following the same principle laid down in the cited orders. The appeal was decided against the revenue.
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