Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Reassessment under section 147/148 was quashed because applying the Assessing Officer's own gross profit rate (13.85%) produced alleged escaped income of Rs.48,09,503, below the statutory monetary threshold of Rs.50,00,000 under section 149(1)(b), and "income chargeable to tax which has escaped assessment" refers to real income, not gross transaction value. On merits, the assessee produced primary documents and bank payment evidence which AO did not independently test; books were not rejected under section 145(3), and a separate addition would duplicate profit already reflected in returned income. Appeal allowed by ITAT.
Reassessment under section 147/148 was quashed because applying the Assessing Officer's own gross profit rate (13.85%) produced alleged escaped income of Rs.48,09,503, below the statutory monetary threshold of Rs.50,00,000 under section 149(1)(b), and "income chargeable to tax which has escaped assessment" refers to real income, not gross transaction value. On merits, the assessee produced primary documents and bank payment evidence which AO did not independently test; books were not rejected under section 145(3), and a separate addition would duplicate profit already reflected in returned income. Appeal allowed by ITAT.
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