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...
In search-related assessments under section 153A, additions were not sustainable in the absence of incriminating material found during the search. Cash shortage at business premises, cash found at residence, opening balance creditors, explained capital introduction, foreign currency purchases, and house construction/renovation were treated as explained on the record, while section 69C and section 69 additions failed because the revenue did not establish that the disputed expenditure or investment was outside the books. Disallowance under section 40A(3) also could not survive where the underlying expenditure was accepted and no specific contravening cash payment or rule 6DD breach was shown. The departmental appeals were rejected and the assessees' cross appeals were allowed to the extent additions had been sustained.
In search-related assessments under section 153A, additions were not sustainable in the absence of incriminating material found during the search. Cash shortage at business premises, cash found at residence, opening balance creditors, explained capital introduction, foreign currency purchases, and house construction/renovation were treated as explained on the record, while section 69C and section 69 additions failed because the revenue did not establish that the disputed expenditure or investment was outside the books. Disallowance under section 40A(3) also could not survive where the underlying expenditure was accepted and no specific contravening cash payment or rule 6DD breach was shown. The departmental appeals were rejected and the assessees' cross appeals were allowed to the extent additions had been sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
