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...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
ITAT rejected the Revenue's Rule 46A objection because the EPCG licence documents and computation were already part of the record before the Assessing Officer, and no fresh evidence had been admitted by the first appellate authority. It further upheld deletion of the addition relating to the Government grant, holding that the amount had been credited in the books under Ind-AS-compliant accounting, was tax neutral for income-tax purposes, and had already been included in the returned total income. A further addition would therefore result in double addition. The Revenue's appeal was dismissed.
ITAT rejected the Revenue's Rule 46A objection because the EPCG licence documents and computation were already part of the record before the Assessing Officer, and no fresh evidence had been admitted by the first appellate authority. It further upheld deletion of the addition relating to the Government grant, holding that the amount had been credited in the books under Ind-AS-compliant accounting, was tax neutral for income-tax purposes, and had already been included in the returned total income. A further addition would therefore result in double addition. The Revenue's appeal was dismissed.
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