Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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ITAT adjudicated a tax dispute involving undisclosed income and stock valuation. The tribunal rejected the tax authority's attempt to treat stock purchases as undisclosed income under Section 69C. The stocks were found to be properly purchased and accounted for in business records. Regarding Section 115BBE's applicability, the tribunal followed precedent from Madras HC, determining that the amended provisions did not apply to the survey conducted on 29-09-2016. Consequently, the tribunal ruled in favor of the assessee, quashing the revision order by the PCIT and dismissing attempts to impose additional tax on the identified stocks.
ITAT adjudicated a tax dispute involving undisclosed income and stock valuation. The tribunal rejected the tax authority's attempt to treat stock purchases as undisclosed income under Section 69C. The stocks were found to be properly purchased and accounted for in business records. Regarding Section 115BBE's applicability, the tribunal followed precedent from Madras HC, determining that the amended provisions did not apply to the survey conducted on 29-09-2016. Consequently, the tribunal ruled in favor of the assessee, quashing the revision order by the PCIT and dismissing attempts to impose additional tax on the identified stocks.
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