Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
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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