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...
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The ITAT upheld reassessment jurisdiction under the post-1.4.2021 search regime, holding that incriminating material is not a condition precedent for issuing notice under section 148 and that such material is to be examined in the reassessment proceedings; the challenge to the notice therefore failed. On merits, it deleted the section 68 and consequential section 69C additions on sale of investments, finding that the investments were earlier accepted in audited balance sheets and scrutiny, sale proceeds were received through banking channels from identified purchasers, and the additions rested mainly on uncorroborated third-party statements and seized material without cross-examination.
The ITAT upheld reassessment jurisdiction under the post-1.4.2021 search regime, holding that incriminating material is not a condition precedent for issuing notice under section 148 and that such material is to be examined in the reassessment proceedings; the challenge to the notice therefore failed. On merits, it deleted the section 68 and consequential section 69C additions on sale of investments, finding that the investments were earlier accepted in audited balance sheets and scrutiny, sale proceeds were received through banking channels from identified purchasers, and the additions rested mainly on uncorroborated third-party statements and seized material without cross-examination.
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