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 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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