Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Revision under section 263 was challenged on grounds that the assessing officer erred by accepting a registered valuer's report without referral to the Departmental Valuation Officer; the Tribunal found the AO had applied his mind, examined and verified valuation and adopted a tenable view, so the Pr. CIT's contrary opinion amounted to a post-view. Applying the twin-condition test, the Tribunal held lack of referral or disagreement with the valuer did not establish the assessment was erroneous in law, and therefore the requirements for revision were not satisfied; Pr. CIT's revision order was set aside and the assessment upheld.
Revision under section 263 was challenged on grounds that the assessing officer erred by accepting a registered valuer's report without referral to the Departmental Valuation Officer; the Tribunal found the AO had applied his mind, examined and verified valuation and adopted a tenable view, so the Pr. CIT's contrary opinion amounted to a post-view. Applying the twin-condition test, the Tribunal held lack of referral or disagreement with the valuer did not establish the assessment was erroneous in law, and therefore the requirements for revision were not satisfied; Pr. CIT's revision order was set aside and the assessment upheld.
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