Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
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...
Challenge to assessment as violative of s.144B/CBDT instructions and for denial of opportunity failed because statutory notices were issued, the proposed disallowance was communicated, and no specific prejudice from refusal of evidence or arbitrary denial of adjournment was shown; hence the assessment was not void. Disallowance in principle of excess cane price over FRP could not be rejected merely on broad claims, as no cost-based justification or contemporaneous material was produced to show the entire differential was commercially driven; however, the impugned quantification did not follow the Tasgaon methodology and was not sustainable. For the year in question, deduction of the final cane price was allowable in full under s.36(1)(xvii) due to unrebutted State Government approval, rendering further profit-embedded segregation unnecessary; sustained disallowance was deleted and set-off of brought-forward depreciation was directed. - ITAT
Challenge to assessment as violative of s.144B/CBDT instructions and for denial of opportunity failed because statutory notices were issued, the proposed disallowance was communicated, and no specific prejudice from refusal of evidence or arbitrary denial of adjournment was shown; hence the assessment was not void. Disallowance in principle of excess cane price over FRP could not be rejected merely on broad claims, as no cost-based justification or contemporaneous material was produced to show the entire differential was commercially driven; however, the impugned quantification did not follow the Tasgaon methodology and was not sustainable. For the year in question, deduction of the final cane price was allowable in full under s.36(1)(xvii) due to unrebutted State Government approval, rendering further profit-embedded segregation unnecessary; sustained disallowance was deleted and set-off of brought-forward depreciation was directed. - ITAT
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