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...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Additions for cash receipts found during survey were unsustainable where the impugned receipts related to land owned and sold by a partnership firm, the advances were recorded in the firm's books as advances for sale of flats, and the firm had offered the corresponding income to tax; absent contrary evidence showing the transactions belonged to the individual taxpayer, the addition as the taxpayer's income was deleted. Additions based on impounded documents recording transactions in the taxpayer's name were likewise deleted because, on identical facts, the transactions were held to pertain to the partnership firm and to be accounted for as advances in the firm's books, rendering assessment in the taxpayer's hands impermissible. - ITAT
Additions for cash receipts found during survey were unsustainable where the impugned receipts related to land owned and sold by a partnership firm, the advances were recorded in the firm's books as advances for sale of flats, and the firm had offered the corresponding income to tax; absent contrary evidence showing the transactions belonged to the individual taxpayer, the addition as the taxpayer's income was deleted. Additions based on impounded documents recording transactions in the taxpayer's name were likewise deleted because, on identical facts, the transactions were held to pertain to the partnership firm and to be accounted for as advances in the firm's books, rendering assessment in the taxpayer's hands impermissible. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
