International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Where reassessment is initiated under s.147 on recorded reasons, the AO must first make an addition on the very issue forming the basis of those reasons; if the AO accepts the explanation and makes no addition on the recorded-reasons issue, no other addition can be made on unrelated matters, and Expln. 3 to s.147 does not cure this defect. Since the AO made no addition regarding the cash deposits referred to in the reasons but instead made an addition under s.40A(3) without any recorded reason, the s.40A(3) addition was held unsustainable and directed to be deleted; the taxpayer's ground was allowed. - ITAT
Where reassessment is initiated under s.147 on recorded reasons, the AO must first make an addition on the very issue forming the basis of those reasons; if the AO accepts the explanation and makes no addition on the recorded-reasons issue, no other addition can be made on unrelated matters, and Expln. 3 to s.147 does not cure this defect. Since the AO made no addition regarding the cash deposits referred to in the reasons but instead made an addition under s.40A(3) without any recorded reason, the s.40A(3) addition was held unsustainable and directed to be deleted; the taxpayer's ground was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
