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...
In assessment u/s 153C, disallowance of depreciation on alleged bogus power-plant cost was deleted because the addition rested only on retracted oral statements, with no corroborative seized material linking alleged subcontractors to cash generation or showing incriminating material relatable to the relevant AY; proceedings could not be sustained on assumptions, so the revenue's grounds failed. Disallowance u/s 2(24)(x) r.w.s. 36(1)(va) for employees' PF contribution was directed to be deleted if bank balance existed and delay was solely due to technical glitches, subject to AO verification. Depreciation on new assets put to use in March was remanded to AO for fresh verification of purchase/use evidence. Reduction in insurance claim was sustained as duly supported. Depreciation on WDV of the power plant was allowed on consistency where no change in facts was shown. - ITAT
In assessment u/s 153C, disallowance of depreciation on alleged bogus power-plant cost was deleted because the addition rested only on retracted oral statements, with no corroborative seized material linking alleged subcontractors to cash generation or showing incriminating material relatable to the relevant AY; proceedings could not be sustained on assumptions, so the revenue's grounds failed. Disallowance u/s 2(24)(x) r.w.s. 36(1)(va) for employees' PF contribution was directed to be deleted if bank balance existed and delay was solely due to technical glitches, subject to AO verification. Depreciation on new assets put to use in March was remanded to AO for fresh verification of purchase/use evidence. Reduction in insurance claim was sustained as duly supported. Depreciation on WDV of the power plant was allowed on consistency where no change in facts was shown. - ITAT
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