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...
The HC dismissed the miscellaneous application and upheld the ITAT's remand to the AO/TPO/DRP, holding that whether the assessee qualifies as a trader other than a wholesale trader depends on factual satisfaction of the two cumulative conditions in the CBDT notification dated 29.10.2015. The court observed the assessee had adduced material showing non-compliance with one condition and the ITAT had already accepted non-classification as a wholesale trader for AY 2014-15; consequently the issue is fact-centric and does not raise any substantial question of law, precluding judicial interference with the remand or directing application of a 3% tolerance.
The HC dismissed the miscellaneous application and upheld the ITAT's remand to the AO/TPO/DRP, holding that whether the assessee qualifies as a trader other than a wholesale trader depends on factual satisfaction of the two cumulative conditions in the CBDT notification dated 29.10.2015. The court observed the assessee had adduced material showing non-compliance with one condition and the ITAT had already accepted non-classification as a wholesale trader for AY 2014-15; consequently the issue is fact-centric and does not raise any substantial question of law, precluding judicial interference with the remand or directing application of a 3% tolerance.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
