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...
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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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