Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
Dominant issue: whether the assessing officer's estimate of gross agricultural receipts should be sustained. Reasoning: AO conceded the taxpayer carried on agricultural activity but disputed the correctness of reported gross agricultural receipts; taxpayer produced invoices and buyer confirmations but also some self-serving documents of limited evidentiary value; taxpayer's historical consistency in reporting agricultural income was considered. Outcome: directed AO to make an ad-hoc addition equal to 10% of agricultural receipts, taxed at normal rates; appeal partly allowed. - ITAT
Dominant issue: whether the assessing officer's estimate of gross agricultural receipts should be sustained. Reasoning: AO conceded the taxpayer carried on agricultural activity but disputed the correctness of reported gross agricultural receipts; taxpayer produced invoices and buyer confirmations but also some self-serving documents of limited evidentiary value; taxpayer's historical consistency in reporting agricultural income was considered. Outcome: directed AO to make an ad-hoc addition equal to 10% of agricultural receipts, taxed at normal rates; appeal partly allowed. - ITAT
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