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Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
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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