Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
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ITAT adjudicated two key issues: (1) Disallowance of "Other Discounts" and (2) Addition under Section 45(4). In the first matter, the Tribunal reversed lower authorities' disallowance, finding the discount was a legitimate prompt payment discount substantiated by subsequent invoices and party-specific details. Regarding Section 45(4), the Tribunal held that introducing a new partner with fresh capital does not constitute asset transfer, thus Section 45(4) was inapplicable. Relying on judicial precedents, the Tribunal directed the Assessing Officer to delete the addition, ultimately deciding both grounds in favor of the assessee.
ITAT adjudicated two key issues: (1) Disallowance of "Other Discounts" and (2) Addition under Section 45(4). In the first matter, the Tribunal reversed lower authorities' disallowance, finding the discount was a legitimate prompt payment discount substantiated by subsequent invoices and party-specific details. Regarding Section 45(4), the Tribunal held that introducing a new partner with fresh capital does not constitute asset transfer, thus Section 45(4) was inapplicable. Relying on judicial precedents, the Tribunal directed the Assessing Officer to delete the addition, ultimately deciding both grounds in favor of the assessee.
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