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 dismissed the plea of violation of natural justice, holding that the assessee was given ample opportunity to explain discrepancies in books and bank statements but failed to provide cogent evidence. Although the AO did not formally reject the books under section 145(3), the assessment under section 144 was upheld as valid due to mismatches found and proper procedural compliance. Additions under section 69A for unexplained cash deposits were partly disallowed, as the tribunal found that taxing the same amount twice was unjustified; instead, profits were to be computed at 7.99% of total bank credits. Consequently, additions under sections 69A and 69C were deleted, and section 115BBE was held inapplicable. Regarding undisclosed credits from a purported property sale, the matter was remitted to the AO for fresh adjudication with directions to assess capital gains and verify evidence submitted by the assessee.
The ITAT dismissed the plea of violation of natural justice, holding that the assessee was given ample opportunity to explain discrepancies in books and bank statements but failed to provide cogent evidence. Although the AO did not formally reject the books under section 145(3), the assessment under section 144 was upheld as valid due to mismatches found and proper procedural compliance. Additions under section 69A for unexplained cash deposits were partly disallowed, as the tribunal found that taxing the same amount twice was unjustified; instead, profits were to be computed at 7.99% of total bank credits. Consequently, additions under sections 69A and 69C were deleted, and section 115BBE was held inapplicable. Regarding undisclosed credits from a purported property sale, the matter was remitted to the AO for fresh adjudication with directions to assess capital gains and verify evidence submitted by the assessee.
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