Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Declared value of second-hand imported machinery could not be enhanced merely because the Load Port Chartered Engineer's certificate omitted the year of manufacture. The Tribunal found that the importer had produced a valid Load Port certificate and that the goods were consistently identified as used, un-reconditioned machinery, with no dispute on their nature or particulars. Because the Board circular contemplated reliance on a local Chartered Engineer's certificate only where a proper Load Port certificate was absent, rejection of the declared transaction value was unjustified. Redetermination based solely on the local certificate was therefore untenable, and the enhanced valuation was set aside.
Declared value of second-hand imported machinery could not be enhanced merely because the Load Port Chartered Engineer's certificate omitted the year of manufacture. The Tribunal found that the importer had produced a valid Load Port certificate and that the goods were consistently identified as used, un-reconditioned machinery, with no dispute on their nature or particulars. Because the Board circular contemplated reliance on a local Chartered Engineer's certificate only where a proper Load Port certificate was absent, rejection of the declared transaction value was unjustified. Redetermination based solely on the local certificate was therefore untenable, and the enhanced valuation was set aside.
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