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...
Where the assessee consistently followed the exclusive method of accounting, GST, sales tax and service tax refunds not routed through the profit and loss account could not be taxed as remission of liability under section 41(1) or as business income under section 28(i); the Tribunal held that the precondition for such addition was not satisfied and deleted the refunds additions for both years. The Tribunal also held that the same margin on stock converted into capital assets, already offered in the return and included in business income, could not be added again at the processing stage under section 143(1), as this would amount to double taxation. Interest under sections 234B and 234C was treated as consequential and directed to be recomputed.
Where the assessee consistently followed the exclusive method of accounting, GST, sales tax and service tax refunds not routed through the profit and loss account could not be taxed as remission of liability under section 41(1) or as business income under section 28(i); the Tribunal held that the precondition for such addition was not satisfied and deleted the refunds additions for both years. The Tribunal also held that the same margin on stock converted into capital assets, already offered in the return and included in business income, could not be added again at the processing stage under section 143(1), as this would amount to double taxation. Interest under sections 234B and 234C was treated as consequential and directed to be recomputed.
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