Confiscation and duty recovery quashed where licensing records show export obligation discharged; customs lacks jurisdiction absent licence annulment ...
FOB is Incoterm reflecting exporter's transaction value; declared shipping bill value not automatically confiscable under s.113(i), s.125, ss.114(i) a...
ITAT allowed the assessee's appeal, holding that amounts credited by the employer company constituted salary and not deemed dividend under s. 2(22)(e), and therefore no addition was warranted; the tribunal accepted the assessee's filed return and computation as evidence of salary receipt. The tribunal further held that additions under s. 68 (and s. 69A) for unexplained cash credits were unjustified where the assessee adduced an explanation and the AO failed to discharge the evidentiary burden to the contrary, and accordingly deleted those additions. Net result: all contested additions were deleted and the appeal was allowed in favour of the assessee.
ITAT allowed the assessee's appeal, holding that amounts credited by the employer company constituted salary and not deemed dividend under s. 2(22)(e), and therefore no addition was warranted; the tribunal accepted the assessee's filed return and computation as evidence of salary receipt. The tribunal further held that additions under s. 68 (and s. 69A) for unexplained cash credits were unjustified where the assessee adduced an explanation and the AO failed to discharge the evidentiary burden to the contrary, and accordingly deleted those additions. Net result: all contested additions were deleted and the appeal was allowed in favour of the assessee.
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