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...
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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