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...
The dominant issue was whether revision under s.263 was justified where the AO, after finding purchases to be bogus and goods not received, made disallowance under s.37(1) instead of invoking s.69C read with s.115BBE. Since s.69C applies where an expenditure is claimed but the assessee fails to satisfactorily explain its source, and the factual findings showed the expenditure was unexplained and unsupported by evidence of receipt of goods, the statutory preconditions for s.69C were met. The AO's resort to s.37(1), absent any controversy on commercial expediency, rendered the assessment erroneous and prejudicial to revenue; the revisionary directions were sustained and the assessee's challenge was rejected - ITAT
The dominant issue was whether revision under s.263 was justified where the AO, after finding purchases to be bogus and goods not received, made disallowance under s.37(1) instead of invoking s.69C read with s.115BBE. Since s.69C applies where an expenditure is claimed but the assessee fails to satisfactorily explain its source, and the factual findings showed the expenditure was unexplained and unsupported by evidence of receipt of goods, the statutory preconditions for s.69C were met. The AO's resort to s.37(1), absent any controversy on commercial expediency, rendered the assessment erroneous and prejudicial to revenue; the revisionary directions were sustained and the assessee's challenge was rejected - ITAT
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