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 ITAT deleted penalty for alleged unexplained cash receipts, holding that the assessee's explanation that estimated income was offered and tax was paid to buy peace and avoid prolonged litigation was plausible on the facts. The Tribunal also noted that, on a similar explanation, the AO had already dropped penalty proceedings for under-reporting of income. On an overall review of the digital material and surrounding record, it found the evidence insufficient to justify sustaining the penalty for alleged cash transactions.
The ITAT deleted penalty for alleged unexplained cash receipts, holding that the assessee's explanation that estimated income was offered and tax was paid to buy peace and avoid prolonged litigation was plausible on the facts. The Tribunal also noted that, on a similar explanation, the AO had already dropped penalty proceedings for under-reporting of income. On an overall review of the digital material and surrounding record, it found the evidence insufficient to justify sustaining the penalty for alleged cash transactions.
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