https://www.taxtmi.com/caselaws?id=433331 A customs assessable value fixed for duty purposes does not, by itself, establish suppression of purchase price or unexplained expenditure under section 69C when the assessee's books, import invoices, bills of entry and bank statements are reconciled and support the transaction value recorded in accounts. The higher customs valuation was treated as notional for duty assessment only, and it did not override the actual invoice value paid to suppliers. On those facts, the addition under section 69C was held unjustified and the deletion by the first appellate authority was upheld in favour of the assessee. en-us Tue, 17 Jan 2023 00:00:00 +0530 Fri, 27 Jan 2023 08:33:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433331 A customs assessable value fixed for duty purposes does not, by itself, establish suppression of purchase price or unexplained expenditure under section 69C when the assessee's books, import invoices, bills of entry and bank statements are reconciled and support the transaction value recorded in accounts. The higher customs valuation was treated as notional for duty assessment only, and it did not override the actual invoice value paid to suppliers. On those facts, the addition under section 69C was held unjustified and the deletion by the first appellate authority was upheld in favour of the assessee. Case-Laws Income Tax Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433331