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...
For search-based jurisdiction under income-tax law, additions in completed or unabated years require incriminating material discovered during the search; absent such material, a 153A assessment cannot be sustained and was quashed for AY 2012-13. Additions made without issuing a specific show-cause notice or affording an opportunity to reconcile seized entries with regular books violate principles of natural justice and are unsustainable. Where seized entries reflect interest receipts/payments and source is explained, taxability must be determined on a net basis as business income; reconciliation-based additions lacking cogent incriminating material were deleted and the CIT(A)'s net-interest approach was sustained.
For search-based jurisdiction under income-tax law, additions in completed or unabated years require incriminating material discovered during the search; absent such material, a 153A assessment cannot be sustained and was quashed for AY 2012-13. Additions made without issuing a specific show-cause notice or affording an opportunity to reconcile seized entries with regular books violate principles of natural justice and are unsustainable. Where seized entries reflect interest receipts/payments and source is explained, taxability must be determined on a net basis as business income; reconciliation-based additions lacking cogent incriminating material were deleted and the CIT(A)'s net-interest approach was sustained.
Note: It is a system-generated summary and is for quick reference only.
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