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...
Addition claimed as cessation of liability for alleged non existent sundry creditors was examined where the AO had accepted increased purchases, sales and consequent creditor balances and prior years' assessments similarly accepted such creditors. The tribunal found sample based non verification of 29.24% of creditors insufficient to displace accepted trading results, and relied on higher court precedents to hold that no addition under cessation of liability principles was warranted. The AO's addition was deleted and the tax effect reversed in favour of the assessee.
Addition claimed as cessation of liability for alleged non existent sundry creditors was examined where the AO had accepted increased purchases, sales and consequent creditor balances and prior years' assessments similarly accepted such creditors. The tribunal found sample based non verification of 29.24% of creditors insufficient to displace accepted trading results, and relied on higher court precedents to hold that no addition under cessation of liability principles was warranted. The AO's addition was deleted and the tax effect reversed in favour of the assessee.
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