Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
ITAT held that an addition for alleged under-valuation of export sales could not stand where the exports were not shown to be non-genuine and no evidence existed of any undisclosed consideration over and above the declared sale value. A valuation based only on copies of bills, without physical inspection of the exported goods, was treated as a merely estimated and notional exercise, especially when customs authorities had already verified the exports without objection to declared value. The Tribunal also noted that the variation fell within the tolerance range referred to before it. The deletion of the addition was therefore affirmed and the Revenue's challenge failed.
ITAT held that an addition for alleged under-valuation of export sales could not stand where the exports were not shown to be non-genuine and no evidence existed of any undisclosed consideration over and above the declared sale value. A valuation based only on copies of bills, without physical inspection of the exported goods, was treated as a merely estimated and notional exercise, especially when customs authorities had already verified the exports without objection to declared value. The Tribunal also noted that the variation fell within the tolerance range referred to before it. The deletion of the addition was therefore affirmed and the Revenue's challenge failed.
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