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...
Validity of reopening was examined with emphasis on limitation and newly inserted procedural safeguards; since the notice was time-barred the reopening was quashed. Taxation of undisclosed on-money receipts was assessed by estimating profit element; in absence of records the appellate authority adopted a 17% profit estimate on receipts, and allowed telescoping credit for income voluntarily declared under the disclosure scheme, treating declaration as sufficient without source specification. Additions on account of unsecured loans were rejected where the taxpayer proved identity and creditworthiness of lenders with confirmations, PANs, bank statements and subsequent bank repayments; source-of-source proof was not required and acceptance of repayment precluded current year addition.
Validity of reopening was examined with emphasis on limitation and newly inserted procedural safeguards; since the notice was time-barred the reopening was quashed. Taxation of undisclosed on-money receipts was assessed by estimating profit element; in absence of records the appellate authority adopted a 17% profit estimate on receipts, and allowed telescoping credit for income voluntarily declared under the disclosure scheme, treating declaration as sufficient without source specification. Additions on account of unsecured loans were rejected where the taxpayer proved identity and creditworthiness of lenders with confirmations, PANs, bank statements and subsequent bank repayments; source-of-source proof was not required and acceptance of repayment precluded current year addition.
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