Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Reassessment proceedings under ss. 147/148A were held invalid as the AO acted on borrowed satisfaction by mechanically reproducing a general investigation report without verifying accuracy, clarifying whether the alleged dealings were purchases or sales, or establishing a direct, tangible, live nexus between the material and escapement of income; factual errors in the alleged transaction quantum further showed absence of independent "reason to believe", resulting in quashing of reopening. The estimated 2% commission addition on alleged bogus sales was deleted since sales were recorded, supported by documents and statutory filings, and no evidence of accommodation entries, cash flow, or benefit was found. Disallowance of alleged bogus purchases was also deleted because purchases were supported by invoices, transport and banking proofs and quantitative records, and a mere HSN classification difference without tax impact was insufficient. - ITAT
Reassessment proceedings under ss. 147/148A were held invalid as the AO acted on borrowed satisfaction by mechanically reproducing a general investigation report without verifying accuracy, clarifying whether the alleged dealings were purchases or sales, or establishing a direct, tangible, live nexus between the material and escapement of income; factual errors in the alleged transaction quantum further showed absence of independent "reason to believe", resulting in quashing of reopening. The estimated 2% commission addition on alleged bogus sales was deleted since sales were recorded, supported by documents and statutory filings, and no evidence of accommodation entries, cash flow, or benefit was found. Disallowance of alleged bogus purchases was also deleted because purchases were supported by invoices, transport and banking proofs and quantitative records, and a mere HSN classification difference without tax impact was insufficient. - ITAT
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