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...
ITAT ruled that additions under section 68 were invalid as the assessee had not maintained books of accounts, making the provision inapplicable. The Tribunal noted that since no amount was found credited in any books of account, the AO's addition under section 68 was unsustainable. Additionally, the CIT(A) erroneously applied section 69A instead of section 68 in their appellate order, rendering the decision legally flawed. The assessee had actually incurred losses rather than gains. The Tribunal's decision emphasized that section 68 specifically requires the existence of books of accounts and credited entries therein. Appeal decided in favor of the assessee.
ITAT ruled that additions under section 68 were invalid as the assessee had not maintained books of accounts, making the provision inapplicable. The Tribunal noted that since no amount was found credited in any books of account, the AO's addition under section 68 was unsustainable. Additionally, the CIT(A) erroneously applied section 69A instead of section 68 in their appellate order, rendering the decision legally flawed. The assessee had actually incurred losses rather than gains. The Tribunal's decision emphasized that section 68 specifically requires the existence of books of accounts and credited entries therein. Appeal decided in favor of the assessee.
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