Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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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