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 allowed the assessee's appeal and deleted the addition made under s. 68 in respect of unsecured loans and related interest. The assessee had produced documentary evidence establishing the identity and creditworthiness of the loan creditors and the genuineness of the transactions. The AO neither rebutted nor commented upon these evidences and placed undue emphasis on the non-service or non-compliance of summons by the creditors. The ITAT held that, in view of the uncontroverted evidences on record, the onus cast on the assessee under s. 68 stood discharged. Consequently, the order of the CIT(A) sustaining the addition was set aside and the entire addition was directed to be deleted.
The ITAT allowed the assessee's appeal and deleted the addition made under s. 68 in respect of unsecured loans and related interest. The assessee had produced documentary evidence establishing the identity and creditworthiness of the loan creditors and the genuineness of the transactions. The AO neither rebutted nor commented upon these evidences and placed undue emphasis on the non-service or non-compliance of summons by the creditors. The ITAT held that, in view of the uncontroverted evidences on record, the onus cast on the assessee under s. 68 stood discharged. Consequently, the order of the CIT(A) sustaining the addition was set aside and the entire addition was directed to be deleted.
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