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 principal issue was whether books of account could be rejected under s.145 for non-maintenance of item-wise and month-wise stock registers and whether a gross profit estimate could be raised. The Tribunal held that where audited regular books exist, physical year-end stock verification is conducted, major consumable quantities are recorded, and no inflation of purchases or suppression of sales is found, mere non-maintenance of a particular stock register format is not a valid ground to reject accounts; reliance on precedent affirmed this legal basis. Consequently, the arbitrary uplift of gross profit from ~8.5% to 11% and rejection under s.145 were unsustainable and deleted. - ITAT
The principal issue was whether books of account could be rejected under s.145 for non-maintenance of item-wise and month-wise stock registers and whether a gross profit estimate could be raised. The Tribunal held that where audited regular books exist, physical year-end stock verification is conducted, major consumable quantities are recorded, and no inflation of purchases or suppression of sales is found, mere non-maintenance of a particular stock register format is not a valid ground to reject accounts; reliance on precedent affirmed this legal basis. Consequently, the arbitrary uplift of gross profit from ~8.5% to 11% and rejection under s.145 were unsustainable and deleted. - ITAT
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