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...
Section 142A permits a reference to the Valuation Officer only in the course of making an assessment or reassessment, and only where the Assessing Officer has material showing that the assessee's valuation is unreliable. The provision cannot be used to collect information for reopening assessment. Where the books of account are neither rejected nor found defective, the Assessing Officer cannot rely solely on the DVO's report to make additions. On these facts, the valuation reference made during reopening, and the additions based on it, were held unsustainable, and the Tribunal's order was affirmed.
Section 142A permits a reference to the Valuation Officer only in the course of making an assessment or reassessment, and only where the Assessing Officer has material showing that the assessee's valuation is unreliable. The provision cannot be used to collect information for reopening assessment. Where the books of account are neither rejected nor found defective, the Assessing Officer cannot rely solely on the DVO's report to make additions. On these facts, the valuation reference made during reopening, and the additions based on it, were held unsustainable, and the Tribunal's order was affirmed.
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