Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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...
Section 68 was largely satisfied where the assessee produced the lender's registration, PAN, bank statements, debenture documents, confirmation and source-of-source material; nil income alone did not negate creditworthiness, so only limited third-party verification under section 133(6) was left open if the Assessing Officer still needed the lender's accounts. Interest disallowance under section 40A(2)(b) failed because the lender was only a creditor, not shown to be a covered related concern, and no basis existed for adopting 6% as a reasonable rate. Proportionate interest disallowance under section 36(1)(iii) was deleted since the borrowing was for working capital, not capital asset acquisition. A flat 10% ad hoc expense disallowance was set aside for fresh verification. CSR disallowance was upheld, and TDS credit was directed to be verified.
Section 68 was largely satisfied where the assessee produced the lender's registration, PAN, bank statements, debenture documents, confirmation and source-of-source material; nil income alone did not negate creditworthiness, so only limited third-party verification under section 133(6) was left open if the Assessing Officer still needed the lender's accounts. Interest disallowance under section 40A(2)(b) failed because the lender was only a creditor, not shown to be a covered related concern, and no basis existed for adopting 6% as a reasonable rate. Proportionate interest disallowance under section 36(1)(iii) was deleted since the borrowing was for working capital, not capital asset acquisition. A flat 10% ad hoc expense disallowance was set aside for fresh verification. CSR disallowance was upheld, and TDS credit was directed to be verified.
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