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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The ITAT held that the Assessing Officer erred in invoking section 69A read with section 115BBE to tax the entire seized cash amount for AY 2021-22, as the assessee had already offered the seized cash as business income in AYs 2019-20 and 2020-21, which the department accepted. The addition under section 69A resulted in impermissible double taxation on the same income. The application of the higher tax rate under section 115BBE was unjustified since the income was not undisclosed or concealed but duly declared and assessed in earlier years. Without any material evidence of concealment or misstatement, the AO's action was arbitrary and contrary to settled legal principles. Accordingly, the appeal was allowed, and the impugned additions under sections 69A and 115BBE were deleted for AY 2021-22.
The ITAT held that the Assessing Officer erred in invoking section 69A read with section 115BBE to tax the entire seized cash amount for AY 2021-22, as the assessee had already offered the seized cash as business income in AYs 2019-20 and 2020-21, which the department accepted. The addition under section 69A resulted in impermissible double taxation on the same income. The application of the higher tax rate under section 115BBE was unjustified since the income was not undisclosed or concealed but duly declared and assessed in earlier years. Without any material evidence of concealment or misstatement, the AO's action was arbitrary and contrary to settled legal principles. Accordingly, the appeal was allowed, and the impugned additions under sections 69A and 115BBE were deleted for AY 2021-22.
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