International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
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...
Section 56(2)(ix) addition on alleged forfeited advance was held unsustainable because the amount received was not an "advance" for transfer of a capital asset but reimbursement/recovery of amounts earlier paid on behalf of the payer; the statutory precondition of receipt of advance was not met, so the addition was deleted. Disallowance under section 57 was rejected since the assessee had disclosed bank interest income and the bank transaction charges were incurred for earning such income and were supported by details; the deduction was allowed. Capital gains computation was corrected as the AO restricted cost of acquisition without reasons or breakup; full claimed cost was accepted, resulting in the declared capital loss being allowed. - ITAT
Section 56(2)(ix) addition on alleged forfeited advance was held unsustainable because the amount received was not an "advance" for transfer of a capital asset but reimbursement/recovery of amounts earlier paid on behalf of the payer; the statutory precondition of receipt of advance was not met, so the addition was deleted. Disallowance under section 57 was rejected since the assessee had disclosed bank interest income and the bank transaction charges were incurred for earning such income and were supported by details; the deduction was allowed. Capital gains computation was corrected as the AO restricted cost of acquisition without reasons or breakup; full claimed cost was accepted, resulting in the declared capital loss being allowed. - ITAT
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