CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
ITAT dismissed Revenue's appeal and upheld the order of CIT(A) in toto. The Tribunal affirmed deletion of addition u/s 68 r/w s.115BBE on alleged unexplained sundry creditors, holding that only opening balances were involved and no fresh credit arose in the relevant previous year. Disallowance of GST expenditure was sustained as allowable business outgo, the liability having crystallized during the year when input tax credit had lapsed. On alleged bogus purchases, ITAT endorsed CIT(A)'s restriction of addition to a nominal gross profit rate, as books were audited, not rejected, and sales and stock records were accepted. Deletion of addition on alleged difference in purchases was also confirmed, the AO having miscompared net and gross figures.
ITAT dismissed Revenue's appeal and upheld the order of CIT(A) in toto. The Tribunal affirmed deletion of addition u/s 68 r/w s.115BBE on alleged unexplained sundry creditors, holding that only opening balances were involved and no fresh credit arose in the relevant previous year. Disallowance of GST expenditure was sustained as allowable business outgo, the liability having crystallized during the year when input tax credit had lapsed. On alleged bogus purchases, ITAT endorsed CIT(A)'s restriction of addition to a nominal gross profit rate, as books were audited, not rejected, and sales and stock records were accepted. Deletion of addition on alleged difference in purchases was also confirmed, the AO having miscompared net and gross figures.
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