Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
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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.
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