Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Where reassessment was initiated within four years, the AO was not required to quantify the alleged escapement in the recorded reasons; reopening to verify impugned transactions was therefore valid. Consequently, the assessee's objection that no addition could be made for purchases from one of the concerned vendors on the ground that such transactions were outside the reopening reasons was rejected, and the AO was held competent to examine and make additions on those purchases. On the genuineness of such purchases and the appropriate disallowance, profit was directed to be estimated at 5% higher than the GP rate disclosed for the year, after granting opportunity of hearing, resulting in partial relief. - ITAT
Where reassessment was initiated within four years, the AO was not required to quantify the alleged escapement in the recorded reasons; reopening to verify impugned transactions was therefore valid. Consequently, the assessee's objection that no addition could be made for purchases from one of the concerned vendors on the ground that such transactions were outside the reopening reasons was rejected, and the AO was held competent to examine and make additions on those purchases. On the genuineness of such purchases and the appropriate disallowance, profit was directed to be estimated at 5% higher than the GP rate disclosed for the year, after granting opportunity of hearing, resulting in partial relief. - ITAT
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