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...
For squared up loans, the surviving cash credit addition under section 68 was set aside for fresh adjudication because the assessee had now produced creditor confirmations and sought an effective opportunity, while the earlier record was found incomplete on identity, creditworthiness and genuineness. For three non-squared up loan creditors, the addition was deleted because the assessee had filed primary evidence such as returns, balance sheets, bank statements and confirmations, the creditors responded to notices, and the Revenue failed to rebut that evidence with cogent material; suspicion could not replace proof. The related interest disallowance was held to be consequential and was directed to be recomputed in line with the final treatment of the loan additions.
For squared up loans, the surviving cash credit addition under section 68 was set aside for fresh adjudication because the assessee had now produced creditor confirmations and sought an effective opportunity, while the earlier record was found incomplete on identity, creditworthiness and genuineness. For three non-squared up loan creditors, the addition was deleted because the assessee had filed primary evidence such as returns, balance sheets, bank statements and confirmations, the creditors responded to notices, and the Revenue failed to rebut that evidence with cogent material; suspicion could not replace proof. The related interest disallowance was held to be consequential and was directed to be recomputed in line with the final treatment of the loan additions.
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