TaxTMI 
TaxTMI 
TaxTMI 
2024 (11) TMI 561
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....asked to furnish details of import-export data summary. The assessee submitted the information on 16.12.2019. The Assessing Officer observed that assessee has furnished a chart in which it has shown the value of Rs. 1,81,49,172/- of import-export data. Based on the above information, the Assessing Officer issued a notice dated 23.12.2019 to the assessee and in the above said show-cause notice, it was mentioned that the assessee has made export-import to the tune of Rs. 2,84,94,248/- during the year. However, as per the chart submitted by the assessee, the value shown is only of Rs. 1,81,49,172/-. Accordingly, the assessee was asked to reconcile the data with its books of account. Further, it was informed that why the difference amount may not be added to its returned income. In response, the assessee has submitted as under :- "There are 4-5 kinds of duty and taxes in custom like (BCD, CVD, SAD, SVB, Cess etc) and every tax has its own assessable value. We have assessable value for BCD-Basic Custom duty of INR 24999774/- and related duty challans are almost matching with your duty amount. You mentioned 6 numbers of transactions in your summary sheet and we also mentioned 6 numbers....
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....llant has made unexplained expenditure u/s 69C in the import of goods. Therefore the addition made by the AO is confirmed and grounds of appeal raised by the appellant are dismissed." 6. Aggrieved with the above order, assessee is in appeal before us raising following grounds of appeal :- "10.1 That impugned order of NFAC Delhi dismissing appeal of assessee and sustaining order of Ld AO (ITO Ward 1 (3) Gurgaon) are totally illegal, unlawful and contrary to mandate of 1961 Act being founded on non-speaking and inchoate reasons of limited scrutiny which is enlarged without taking approval from PCIT; 10.2 That Ld AO erred in passing assessment order without issue of any show cause notice in breach of CBDT Instruction NO.2012015 and so, assessment order passed making addition if Rs. 1,03,45,076/- should be quashed for want of valid show cause notice. 10.3 That impugned order passed by NF A C Delhi 'dismissing appeal of assessee are passed on incorrect assumption regarding furnishing complete transaction wise data which is never supplied and sans supply of complete data, no adverse inference and addition could have been made in the assessment order which is in violation of se....
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....49 3,82,449 4,29,200 1,29,305 25 - 30 3. Purchase of Fixed Asset Less : Credit Note 1,14,76,968 (28,35,664) 86,41,304 1,18,83,844 32,30,508 31 - 43 69 - 70 4. Purchase of trading material CHF 11,688 7,64,084 7,95,708 2,16,333 44 - 53 5. Purchase of consumables CHF 1,520 1,01,582 1,06,910 31,475 54 - 59 6. Import of tools on temporary basis and to re-export USD 4500 It was not a purchase of company. The tools were imported on behalf of vendor and the goods were Revenue exported after use. 3,06,788 12,162 60 - 66 Total (in Rs.) 2,41,27,289 1,81,49,173 2,49,99,774 67,29,714 1. As per the above table, the value of imports made by the assessee during the year as recorded in the books of account is Rs. 1,81,49,173/- and as per the bill of entry is Rs. 2,49,99,774/-. The total invoice value of the goods imported by the assessee is Rs. 2,41,27,289/- and the figure of imports (invoice value) appearing in ITS statement is Rs. 2,84,94,248/- (PB Pg 5). 2. The fact of import to the extent of Rs. 2,41,27,289/- by the assessee is supported from invoices, bill of entry, details appearing on ICEGATE Portal and audited Balance Sheet of the ....
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....g. Since the Assessing Officer observed that there is a difference in the export-import data and the import value recorded in the books of account, he has added the difference as income of the assessee. After considering the detailed chart submitted before us, we observed that the information contained in the export-import summary data is only a gross assessable value and it also contained the details of duty paid by the assessee on the basis of assessable value declared by the assessee in the Bill of Lading. From the chart submitted by the assessee, we observed that the assessee has recorded all the imports in its books of account and the difference observed by the Assessing Officer without considering the credit notes. The Assessing Officer presumed that assessee has not declared the value of import as per the export-import summary data and he failed to recognise that the information contained in the data is only imports. Since the value of duty paid by the assessee is perfectly matching and the difference in gross value of invoice mentioned in CBEC which is only a gross assessable value. What is relevant is the actual cost to the assessee which has to be recognised in its books ....