Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
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 upheld deletion of disallowance of interest expenditure because the Assessing Officer failed to show any nexus between borrowed funds and non-business use, while the assessee had sufficient interest-free funds and used the borrowings for business purposes. It also sustained deletion of the section 68 addition on unsecured loans because bank statements, confirmations, income-tax records, TDS material and banking-channel transfers established genuineness. The Tribunal further rejected the purchase-difference addition, holding that purchases were recorded at actual cost and the variance from TCS figures arose from rebates, discounts and instances where TCS was not collected. The Revenue's appeal was dismissed in full.
ITAT upheld deletion of disallowance of interest expenditure because the Assessing Officer failed to show any nexus between borrowed funds and non-business use, while the assessee had sufficient interest-free funds and used the borrowings for business purposes. It also sustained deletion of the section 68 addition on unsecured loans because bank statements, confirmations, income-tax records, TDS material and banking-channel transfers established genuineness. The Tribunal further rejected the purchase-difference addition, holding that purchases were recorded at actual cost and the variance from TCS figures arose from rebates, discounts and instances where TCS was not collected. The Revenue's appeal was dismissed in full.
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