Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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...
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The ITAT allowed the appeal in part. The Tribunal held that the AO's and CIT(A)'s addition of deemed rent for five Mumbai flats was unsustainable because the assessee had bona fide intention to let and took efforts to rent the properties, thus attracting s.23(1)(c) relief; Ground No.1 allowed. Ground No.2 was dismissed: the office at Hariom Chambers was properly held chargeable to tax under Income from House Property because the assessee did not carry on a business/profession chargeable to tax under profits and gains. Alternatively, Ground No.3 was allowed: the assessee may designate Hariom Chambers as self-occupied and treat Ruby Villa as deemed let, and the AO is directed to recompute income from house property accordingly.
The ITAT allowed the appeal in part. The Tribunal held that the AO's and CIT(A)'s addition of deemed rent for five Mumbai flats was unsustainable because the assessee had bona fide intention to let and took efforts to rent the properties, thus attracting s.23(1)(c) relief; Ground No.1 allowed. Ground No.2 was dismissed: the office at Hariom Chambers was properly held chargeable to tax under Income from House Property because the assessee did not carry on a business/profession chargeable to tax under profits and gains. Alternatively, Ground No.3 was allowed: the assessee may designate Hariom Chambers as self-occupied and treat Ruby Villa as deemed let, and the AO is directed to recompute income from house property accordingly.
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