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 of the assessee-trust and deleted the addition treating corpus fund donations as taxable income. It held that, the trust being duly registered u/s 12A, voluntary contributions received with a specific direction to form part of the corpus are exempt u/s 11(1)(d). The Tribunal found the assessee had furnished corroborative documentary evidence, and the Revenue failed to disprove or point out any discrepancy. The AO's adverse inference regarding reduction in corpus fund was held to be factually mistaken. The ITAT also accepted the assessee's claim of depreciation and noted the lease deposit payment as properly accounted, thus fully granting the exemption claimed.
The ITAT allowed the appeal of the assessee-trust and deleted the addition treating corpus fund donations as taxable income. It held that, the trust being duly registered u/s 12A, voluntary contributions received with a specific direction to form part of the corpus are exempt u/s 11(1)(d). The Tribunal found the assessee had furnished corroborative documentary evidence, and the Revenue failed to disprove or point out any discrepancy. The AO's adverse inference regarding reduction in corpus fund was held to be factually mistaken. The ITAT also accepted the assessee's claim of depreciation and noted the lease deposit payment as properly accounted, thus fully granting the exemption claimed.
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