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...
The text addresses revision jurisdiction over income-tax assessments concerning professional and technical fees, sundry creditors, notional interest under Ind AS, and stock valuation. On the alleged difference for professional and technical fees, the record shows AO queries, assessee replies and supporting documents, therefore the revisional finding was contrary to record and unsustainable. On addition of sundry creditors, a debit (trade receivable) was shown and incorporated in P&L, so the revisional addition was factually incorrect and unsustainable. On notional interest, reconciliation with Form 26AS and balance sheet showed no variation, so the revisional action was unwarranted. On stock valuation, AO failed adequate inquiry into valuation method and consistency, so the revisional concern is upheld.
The text addresses revision jurisdiction over income-tax assessments concerning professional and technical fees, sundry creditors, notional interest under Ind AS, and stock valuation. On the alleged difference for professional and technical fees, the record shows AO queries, assessee replies and supporting documents, therefore the revisional finding was contrary to record and unsustainable. On addition of sundry creditors, a debit (trade receivable) was shown and incorporated in P&L, so the revisional addition was factually incorrect and unsustainable. On notional interest, reconciliation with Form 26AS and balance sheet showed no variation, so the revisional action was unwarranted. On stock valuation, AO failed adequate inquiry into valuation method and consistency, so the revisional concern is upheld.
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