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...
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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