Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Contemporaneous documentary evidence showing preferential allotment/allotment letters, demat holdings, exchange contract notes, STT payment and banked sale proceeds defeats treatment of receipts as unexplained credit and related commission additions where the tax authority lacks fresh, year specific tangible material linking the transactions to third party entry operators. The legal principle applied requires the assessing officer to bring year relevant evidence of collusion or nexus to sustain a finding of sham or accommodation entries; prior year suspicions or third party statements recorded before the sales are insufficient. Consequently, additions treating genuine share purchases and sales as bogus were reversed for the year under appeal.
Contemporaneous documentary evidence showing preferential allotment/allotment letters, demat holdings, exchange contract notes, STT payment and banked sale proceeds defeats treatment of receipts as unexplained credit and related commission additions where the tax authority lacks fresh, year specific tangible material linking the transactions to third party entry operators. The legal principle applied requires the assessing officer to bring year relevant evidence of collusion or nexus to sustain a finding of sham or accommodation entries; prior year suspicions or third party statements recorded before the sales are insufficient. Consequently, additions treating genuine share purchases and sales as bogus were reversed for the year under appeal.
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