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...
The Tribunal treated the scrutiny as complete scrutiny because the assessment record itself showed that the case was not confined to limited scrutiny, so the objection based on CBDT Instruction No. 20/2015 failed. It also upheld denial of section 54G relief, finding no proof of sale deeds, acquisition of new assets, or actual shifting and continuation of the industrial undertaking. The disallowance of depreciation on the block of assets and the addition linked to transfer expenses in computing short-term capital gains were sustained for want of proper written down value adjustment and documentary evidence. Relief was granted only on loss on sale of fixed assets, where the reconciliation supported the assessee's computation.
The Tribunal treated the scrutiny as complete scrutiny because the assessment record itself showed that the case was not confined to limited scrutiny, so the objection based on CBDT Instruction No. 20/2015 failed. It also upheld denial of section 54G relief, finding no proof of sale deeds, acquisition of new assets, or actual shifting and continuation of the industrial undertaking. The disallowance of depreciation on the block of assets and the addition linked to transfer expenses in computing short-term capital gains were sustained for want of proper written down value adjustment and documentary evidence. Relief was granted only on loss on sale of fixed assets, where the reconciliation supported the assessee's computation.
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