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...
Rejection of books of account under assessment law led to estimation of income because the assessee could not satisfactorily explain cash deposits in a bank; the assessing officer concluded sales were inflated to understate firm profit, and cash receipts were not shown as explainable sales proceeds. The tribunal noted the business is wholesale beer (lower margins than liquor) and found the disclosed net profit (0.15%) inadequate; it increased the assumed net profit to 0.50% of turnover to address deficiencies and directed the assessing officer to recompute total income accordingly. Appeal partly allowed.
Rejection of books of account under assessment law led to estimation of income because the assessee could not satisfactorily explain cash deposits in a bank; the assessing officer concluded sales were inflated to understate firm profit, and cash receipts were not shown as explainable sales proceeds. The tribunal noted the business is wholesale beer (lower margins than liquor) and found the disclosed net profit (0.15%) inadequate; it increased the assumed net profit to 0.50% of turnover to address deficiencies and directed the assessing officer to recompute total income accordingly. Appeal partly allowed.
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