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...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law.
The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
