International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
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...
Reopening of assessment beyond four years failed because the recorded reasons did not show any omission by the assessee to disclose fully and truly all material facts, and relied only on material already on record; the reassessment notice and proceedings for A.Y. 2011-12 were therefore invalid. On merits, the addition under section 68 for share capital and share premium was deleted because the assessee produced evidence of investor identity, creditworthiness and transaction genuineness, including banking and corporate records. The Tribunal also noted that the pre-2013 position did not require proof of source of source, and that premium-related doubts, section 56(2)(viib), and the later amendment to section 68 did not justify the addition on the facts stated.
Reopening of assessment beyond four years failed because the recorded reasons did not show any omission by the assessee to disclose fully and truly all material facts, and relied only on material already on record; the reassessment notice and proceedings for A.Y. 2011-12 were therefore invalid. On merits, the addition under section 68 for share capital and share premium was deleted because the assessee produced evidence of investor identity, creditworthiness and transaction genuineness, including banking and corporate records. The Tribunal also noted that the pre-2013 position did not require proof of source of source, and that premium-related doubts, section 56(2)(viib), and the later amendment to section 68 did not justify the addition on the facts stated.
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