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...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Whether purchases were bogus and income could be estimated: The Tribunal found that purchase and sale transactions occurred under excise supervision, permits supported sales, detailed procurement and production records were maintained, and AO relied only on loose papers/Tally from an ex-employee without confronting suppliers or independent corroboration; legal basis-additions cannot rest on presumption/conjecture and on uncorroborated third-party material. Outcome: additions for alleged bogus purchases deleted. Whether unexplained expenditure u/s 69C and witness evidence sustained: absence of opportunity to cross-examine and reliance on tamperable third-party data meant additions were invalid; outcome: deleted. Whether gross-profit addition from a dubious trial balance: TB was unreliable/dumb document; outcome: deletion. - ITAT
Whether purchases were bogus and income could be estimated: The Tribunal found that purchase and sale transactions occurred under excise supervision, permits supported sales, detailed procurement and production records were maintained, and AO relied only on loose papers/Tally from an ex-employee without confronting suppliers or independent corroboration; legal basis-additions cannot rest on presumption/conjecture and on uncorroborated third-party material. Outcome: additions for alleged bogus purchases deleted. Whether unexplained expenditure u/s 69C and witness evidence sustained: absence of opportunity to cross-examine and reliance on tamperable third-party data meant additions were invalid; outcome: deleted. Whether gross-profit addition from a dubious trial balance: TB was unreliable/dumb document; outcome: deletion. - ITAT
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