Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
ITAT upheld the additions made by the AO and affirmed by CIT(A), dismissing the assessee's appeal. It held that the assessee's own ledger account showed reduction of the trade liability towards the creditor, evidencing cessation of liability, attracting s. 41(1). The assessee failed to produce any material to show that the creditor had not waived the debt or that the write-back was incorrect. ITAT also confirmed the addition for unexplained expenditure arising from the difference between purchases as per the stock register and the profit and loss account, noting absence of any satisfactory explanation. Consequently, the income assessed by AO, including cessation of liability, stood sustained.
ITAT upheld the additions made by the AO and affirmed by CIT(A), dismissing the assessee's appeal. It held that the assessee's own ledger account showed reduction of the trade liability towards the creditor, evidencing cessation of liability, attracting s. 41(1). The assessee failed to produce any material to show that the creditor had not waived the debt or that the write-back was incorrect. ITAT also confirmed the addition for unexplained expenditure arising from the difference between purchases as per the stock register and the profit and loss account, noting absence of any satisfactory explanation. Consequently, the income assessed by AO, including cessation of liability, stood sustained.
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