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...
Assessee's claim for deduction under 80-IC was challenged on grounds that profits were overstated in the eligible unit while suppressed in the non-eligible unit. The tribunal rejected explanations based on excise duty and lower repair-and-maintenance, noting excise duty effects are offset by CENVAT credit and both units share management and similar input procurement and product quality; it accepted that lower R&M in the new unit is plausible but insufficient to explain the disparity. Tribunal found some profit suppression in the non-eligible unit, directed AO to apply a 5.83% net profit rate (average of relevant years) to recompute the 80-IC deduction and disallowed the remainder; appeal partly allowed.
Assessee's claim for deduction under 80-IC was challenged on grounds that profits were overstated in the eligible unit while suppressed in the non-eligible unit. The tribunal rejected explanations based on excise duty and lower repair-and-maintenance, noting excise duty effects are offset by CENVAT credit and both units share management and similar input procurement and product quality; it accepted that lower R&M in the new unit is plausible but insufficient to explain the disparity. Tribunal found some profit suppression in the non-eligible unit, directed AO to apply a 5.83% net profit rate (average of relevant years) to recompute the 80-IC deduction and disallowed the remainder; appeal partly allowed.
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