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...
ITAT determined that excess stock discovered on survey comprised trading/manufacturing goods and constituted income from business; therefore it should be assessed under the head 'income from business' rather than as deemed income attractable to special taxation provisions. The tribunal found admissions during survey and absence of evidence of non-business sources supported business classification, directed the AO to permit set off of current year and carried forward business losses and depreciation against the assessed business income, and directed that special rate taxation provisions not be applied.
ITAT determined that excess stock discovered on survey comprised trading/manufacturing goods and constituted income from business; therefore it should be assessed under the head 'income from business' rather than as deemed income attractable to special taxation provisions. The tribunal found admissions during survey and absence of evidence of non-business sources supported business classification, directed the AO to permit set off of current year and carried forward business losses and depreciation against the assessed business income, and directed that special rate taxation provisions not be applied.
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