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...
HC quashed reassessment notice under s.148 concerning lease payments, foreign currency transactions, and goodwill depreciation. Court found no valid grounds for reopening as lease transactions were consistently accepted since 2012-13, foreign currency claims were properly explained with unrealized gains/losses appropriately reflected in income computation, and goodwill depreciation claim was valid as s.43(6)(c) amendment denying such depreciation became effective only from 01.04.2021. AO's attempt to reopen assessment demonstrated mere change of opinion without fresh tangible material, failing to establish income escapement. Court held AO lacked jurisdiction to reopen assessment, ruling in assessee's favor.
HC quashed reassessment notice under s.148 concerning lease payments, foreign currency transactions, and goodwill depreciation. Court found no valid grounds for reopening as lease transactions were consistently accepted since 2012-13, foreign currency claims were properly explained with unrealized gains/losses appropriately reflected in income computation, and goodwill depreciation claim was valid as s.43(6)(c) amendment denying such depreciation became effective only from 01.04.2021. AO's attempt to reopen assessment demonstrated mere change of opinion without fresh tangible material, failing to establish income escapement. Court held AO lacked jurisdiction to reopen assessment, ruling in assessee's favor.
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