Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Where additional income declared during search was credited as loans, it was held that, since the taxpayer's only activity was land trading and the amount was already offered and accepted as business income, it could not be taxed as unexplained cash credit under s.68 read with s.115BBE; the addition was deleted. On alleged on-money enhancing capital gains, unsigned and undated seized notings and lack of corroboration, coupled with some plots not being sold as alleged, were held insufficient; the addition was deleted. Direction to verify telescoping/set-off of disclosed income against other additions was sustained. Deletion of s.69C addition was upheld for want of error in appreciation of explained expenditure. Addition under s.69 read with s.115BBE based on cancelled loose-paper notings, without corroboration, was set aside. - ITAT
Where additional income declared during search was credited as loans, it was held that, since the taxpayer's only activity was land trading and the amount was already offered and accepted as business income, it could not be taxed as unexplained cash credit under s.68 read with s.115BBE; the addition was deleted. On alleged on-money enhancing capital gains, unsigned and undated seized notings and lack of corroboration, coupled with some plots not being sold as alleged, were held insufficient; the addition was deleted. Direction to verify telescoping/set-off of disclosed income against other additions was sustained. Deletion of s.69C addition was upheld for want of error in appreciation of explained expenditure. Addition under s.69 read with s.115BBE based on cancelled loose-paper notings, without corroboration, was set aside. - ITAT
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