Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
ITAT deleted additions for alleged bogus purchases of capital assets and other purchases because the assessee substantiated genuineness with invoices, transport documents, bank loan agreement, bank statements and an insurance policy issued after physical inspection of the assets. The tribunal held that the assets were financed by the bank and were in existence, which contradicted the allegation of accommodation entries. It also noted that the assessee had not claimed the capital asset purchases as revenue expenditure in the profit and loss account, and the Assessing Officer relied only on unverified information without independent inquiry. On these facts, the purchases were not bogus and the additions were deleted.
ITAT deleted additions for alleged bogus purchases of capital assets and other purchases because the assessee substantiated genuineness with invoices, transport documents, bank loan agreement, bank statements and an insurance policy issued after physical inspection of the assets. The tribunal held that the assets were financed by the bank and were in existence, which contradicted the allegation of accommodation entries. It also noted that the assessee had not claimed the capital asset purchases as revenue expenditure in the profit and loss account, and the Assessing Officer relied only on unverified information without independent inquiry. On these facts, the purchases were not bogus and the additions were deleted.
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