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...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
The ITAT upheld the deletion of additions related to the lower gross profit ratio, as the AO failed to provide requisite details or demonstrate defects in the appellant's manufacturing account, rendering the AO's 21% GP application unsustainable. Additions under section 41(1)(a) regarding four foreign creditors were also deleted, given the appellant's proof of genuine transactions, RBI approval, and corresponding sales, which the AO could not effectively rebut. The tribunal affirmed the CIT(A)'s relief concerning interest to a partner, dismissing the Revenue's appeal. However, the addition related to one creditor, Sabar International, was sustained due to the appellant's silence on that issue. Overall, the appeal was allowed in part, with deletions confirmed for three sundry creditors and the disputed gross profit addition, while the Revenue's challenge to the interest relief was rejected.
The ITAT upheld the deletion of additions related to the lower gross profit ratio, as the AO failed to provide requisite details or demonstrate defects in the appellant's manufacturing account, rendering the AO's 21% GP application unsustainable. Additions under section 41(1)(a) regarding four foreign creditors were also deleted, given the appellant's proof of genuine transactions, RBI approval, and corresponding sales, which the AO could not effectively rebut. The tribunal affirmed the CIT(A)'s relief concerning interest to a partner, dismissing the Revenue's appeal. However, the addition related to one creditor, Sabar International, was sustained due to the appellant's silence on that issue. Overall, the appeal was allowed in part, with deletions confirmed for three sundry creditors and the disputed gross profit addition, while the Revenue's challenge to the interest relief was rejected.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
