Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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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