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 SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
The SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
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