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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...
The ITAT held that the disallowance under section 43B, based on the tax auditor's report alleging unpaid GST liability, was unsustainable. The assessee had adjusted the GST payable against input tax credit before the due date for filing the return, and the GST was not routed through the profit and loss account. Following precedents, since the liability was neither claimed as a deduction nor debited as an expense, section 43B did not apply. The tribunal found the auditor's report factually incorrect regarding non-payment before the due date. Consequently, the addition made by the CIT(A) was deleted, and the assessee's appeal was allowed.
The ITAT held that the disallowance under section 43B, based on the tax auditor's report alleging unpaid GST liability, was unsustainable. The assessee had adjusted the GST payable against input tax credit before the due date for filing the return, and the GST was not routed through the profit and loss account. Following precedents, since the liability was neither claimed as a deduction nor debited as an expense, section 43B did not apply. The tribunal found the auditor's report factually incorrect regarding non-payment before the due date. Consequently, the addition made by the CIT(A) was deleted, and the assessee's appeal was allowed.
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