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...
Addition under s.69 for alleged unexplained fixed assets was rejected because the assessee had consistently disclosed the same asset value in successive balance sheets and earlier return filings, and the AO produced no material to show investment during the relevant year; the addition was deleted. Enhancement of closing capital and rejection of closing cash balance were held unjustified since the disclosed cash-in-hand was supported by the balance sheet and GST returns, and denial of capitalization flowed from the AO's incorrect reduction of cash; enhancement was allowed. Addition under s.69A was quashed as the assessment was framed without a mandatory show-cause notice, vitiating the order; the addition was deleted. Consequential penalties under s.272A(1)(d) were deleted. - ITAT
Addition under s.69 for alleged unexplained fixed assets was rejected because the assessee had consistently disclosed the same asset value in successive balance sheets and earlier return filings, and the AO produced no material to show investment during the relevant year; the addition was deleted. Enhancement of closing capital and rejection of closing cash balance were held unjustified since the disclosed cash-in-hand was supported by the balance sheet and GST returns, and denial of capitalization flowed from the AO's incorrect reduction of cash; enhancement was allowed. Addition under s.69A was quashed as the assessment was framed without a mandatory show-cause notice, vitiating the order; the addition was deleted. Consequential penalties under s.272A(1)(d) were deleted. - ITAT
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