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...
Penalty under s. 271AAB(1A)(b) was held unsustainable where the search did not unearth any incriminating material evidencing "undisclosed income" and the only basis was a statement under s. 132(4) offering additional income that was later retracted and was not reflected in the return for the relevant year. Since discovery of undisclosed income during or as a result of the search is a sine qua non for invoking s. 271AAB(1A)(b), a mere admission without corroborative seized material could not support penalty. Accordingly, deletion of the penalty was upheld and the revenue's appeal was dismissed. - ITAT
Penalty under s. 271AAB(1A)(b) was held unsustainable where the search did not unearth any incriminating material evidencing "undisclosed income" and the only basis was a statement under s. 132(4) offering additional income that was later retracted and was not reflected in the return for the relevant year. Since discovery of undisclosed income during or as a result of the search is a sine qua non for invoking s. 271AAB(1A)(b), a mere admission without corroborative seized material could not support penalty. Accordingly, deletion of the penalty was upheld and the revenue's appeal was dismissed. - ITAT
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