Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
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Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Declared export transaction value cannot be substituted with a higher contemporaneous price unless the proper officer records cogent reasons to doubt the truth or accuracy of the declared value and follows the prescribed valuation procedure. The Tribunal noted that the adjudicating authority selected the highest comparable price even though other contemporaneous prices were lower, while no substantive doubt had been raised about the invoice value, sale contract, or Bank Realization Certificate. Applying the principle that transaction value is the rule and rejection is exceptional, it set aside the appellate order and remanded the matter for final assessment on the basis of the transaction value reflected in the Bank Realization Statement.
Declared export transaction value cannot be substituted with a higher contemporaneous price unless the proper officer records cogent reasons to doubt the truth or accuracy of the declared value and follows the prescribed valuation procedure. The Tribunal noted that the adjudicating authority selected the highest comparable price even though other contemporaneous prices were lower, while no substantive doubt had been raised about the invoice value, sale contract, or Bank Realization Certificate. Applying the principle that transaction value is the rule and rejection is exceptional, it set aside the appellate order and remanded the matter for final assessment on the basis of the transaction value reflected in the Bank Realization Statement.
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