Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
The ITAT held that in cases of accommodation entries, additions should be limited to the profit element embedded in the bogus transactions rather than the entire transaction value. The Tribunal found the Assessing Officer's addition of 10% on total sales and purchases unjustified, as it was made without proper investigation and solely based on the Verification Unit's report, which wasn't provided to the assessee. Following precedent from the Surat Bench in similar cases, the ITAT restricted the addition to 6% of the purchase amount (3,11,75,748) and 0.5% of sales amount (6,20,94,701), acknowledging that only real income after expense set-off can be taxed, not the substantial part of transactions.
The ITAT held that in cases of accommodation entries, additions should be limited to the profit element embedded in the bogus transactions rather than the entire transaction value. The Tribunal found the Assessing Officer's addition of 10% on total sales and purchases unjustified, as it was made without proper investigation and solely based on the Verification Unit's report, which wasn't provided to the assessee. Following precedent from the Surat Bench in similar cases, the ITAT restricted the addition to 6% of the purchase amount (3,11,75,748) and 0.5% of sales amount (6,20,94,701), acknowledging that only real income after expense set-off can be taxed, not the substantial part of transactions.
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