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FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Declared business receipts under presumptive taxation could not be rejected as bogus merely because sales were concentrated in one month, where the assessee was regularly engaged in scrap trading and had returned income under section 44AD. The Tribunal noted that in such business there was no fixed pattern of purchases and sales, and books of account were not required in the manner assumed by the Assessing Officer. The addition treating the declared sales as unexplained cash credit was based only on suspicion and lacked a sustainable factual basis, so it was deleted.
Declared business receipts under presumptive taxation could not be rejected as bogus merely because sales were concentrated in one month, where the assessee was regularly engaged in scrap trading and had returned income under section 44AD. The Tribunal noted that in such business there was no fixed pattern of purchases and sales, and books of account were not required in the manner assumed by the Assessing Officer. The addition treating the declared sales as unexplained cash credit was based only on suspicion and lacked a sustainable factual basis, so it was deleted.
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