Classification of used railway materials as ferrous waste and scrap - Rejection of transaction value and sequential customs valuation - Statutory ingredients for customs penalties Classification of used railway materials as ferrous waste and scrap - Condition and usability of imported goods - Classification of used rails, railway sleepers, used bails and G.I. angles declared as HMS 1&2 scrap metal under Heading 7204 rather than Headings 7302 and 7301 - HELD THAT: - The original identity of an... ... ...

Burden of proof in tariff reclassification - Reasoned quasi-judicial adjudication - Extended period for customs short levy - Corrigendum enlarging a show cause notice - Appropriation of customs duty already paid - Confiscation for incorrect tariff classification - Penalty for customs short levy Tariff reclassification of motor-vehicle parts - Burden of proof on Revenue - Speaking order - Reclassification of 226 motor-vehicle parts declared under Customs Tariff Item 87089900 as parts and acces... ... ...

MEIS benefit - rectification of inadvertent Reward declaration error - Electronic transmission of amended shipping bills Rectification and electronic transmission of shipping bills for processing of MEIS benefit where the Reward declaration was inadvertently marked as 'N' instead of 'Y' - HELD THAT: - The Court held that the inter-ministerial process between Customs and DGFT must be carried out in accordance with the procedure prescribed in the public notice for transmission o... ... ...

Summary order. The review petition(s) were dismissed as no error apparent warranting reconsideration of the impugned order was found.... ... ...

Addition for unaccounted cash consideration from sale of property - Third-party search material - corroboration for income addition - third-party statement and WhatsApp chats found from that third partyrelied upon - Alleged unaccounted consideration in property sale HELD THAT: - The Tribunal held that the rebuttable presumption attached to material found during a search of a third party operates against the person from whose possession it is found and cannot, without corroborative material, s... ... ...

Condonation of delay in appeal - Pursuit of alternate remedy - Condonation of delay in appeal against an intimation denying exemption to a trust for alleged non-filing of Form 10B - HELD THAT: - The assessee had pursued rectification after the intimation and, upon receiving no response, pursued grievances before filing the appeal. The period also overlapped with the Covid pandemic extensions. The Tribunal found sufficient cause for the delay; the timely filing of Form 10BB and the apparent taxat... ... ...

Capital gains exemption under section 54F - commercial property not a residential house - Capital gains exemption under section 54B - investment in agricultural land Capital gains exemption u/s 54F - Commercial property not a residential house - Entitlement to capital gains exemption for investment in a new residential property where a shop-cum-office was treated as an additional residential house - HELD THAT: - The factual verification established that the shop-cum-office was commercial in n... ... ...

Capital gains on slump sale-statutory computation of net worth - Substitution of valuation under Rule 11UAE - Addition beyond show-cause notice Capital gains on slump sale-statutory computation of net worth - Rejection of prescribed valuation without identified defect - Computation of capital gains on slump sale of a business-process-outsourcing undertaking-whether the Assessing Officer could substitute the prescribed valuation and recompute net worth without identifying any defect in the val... ... ...

Revision u/s 263 - unspeaking and unreasoned assessment order has been passed consequent to the selection of assessee's case for scrutiny under computer aided scrutiny selection (CASS) - Validity of revision u/s 263 of a CASS scrutiny assessment for low income from TCS receipts where the assessment order did not record the inquiries undertaken or reasons for accepting the return - HELD THAT:- AO was proceeding with the scrutiny assessment but did not bother to mention even single minimum fact... ... ...

Purchase disallowance - factual verification of additional evidence Disallowance of purchases from the supplier's Jaipur unit in the absence of verification of the supplier's post-assessment clarification and supporting material - HELD THAT: - The supplier's clarification that sales from its Jaipur unit had been omitted from its response to the statutory notice was not before the Assessing Officer during assessment. The appellate authority neither forwarded this fresh evidence to ... ... ...

Deduction for political contribution under section 80GGC -Genuineness of political donations - Accommodation-entry donations - Test of human probabilities - HELD THAT: - It is now well settled by the Hon'ble Supreme Court in the cases of CIT v. Durga Prasad More [1971 (8) TMI 17 - SUPREME COURT] and Sumati Dayal v. CIT [1995 (3) TMI 3 - SUPREME COURT] that the taxing authorities are not required to put on blinkers while examining a transaction merely because it is supported by documentary... ... ...

Ad hoc disallowance of business expenditure - Capital and revenue expenditure - Revenue expenditure on consumables and rates and taxes - HELD THAT: - The Assessing Officer treated the expenditure as capital principally because it involved large sums and allegedly yielded enduring benefit, without rejecting the books of account or identifying any specific defect in the supporting evidence. The Revenue could not establish that the assessee's books or evidence had been rejected on any partic... ... ...

Revisionary jurisdiction u/s 263 - Inadequate enquiry vis-a -vis lack of enquiry Revision of the search assessment on the ground of inadequate verification of seized materials, third-party transactions and digital records - HELD THAT: - The assessment record disclosed that the Assessing Officer had examined the seized materials and statements, undertaken third-party verification through notices and summons, considered the digital Excel sheets, and independently recomputed income after rejecti... ... ...

Exemption u/s 11 - Charitable exemption - belated filing of audit report in Form 10B - audit report in Form 10B filed after return but before processing HELD THAT: - The Tribunal held that filing the audit report in Form 10B is a procedural requirement. Since both the return and the audit report were filed within the statutory period, and the report was available with the CPC before processing of the return, exemption could not be denied merely because the report did not accompany the return... ... ...

Unexplained Cash deposit - ex parte adjudication - Reassessment beyond three years - competent sanctioning authority Cash-deposit addition - ex parte adjudication - Reasonable opportunity of hearing - Cash-deposit addition treated as unexplained money where the assessment and first appeal were decided ex parte - HELD THAT: - Since both lower-authority orders had been passed ex parte, fresh adjudication of the disputed cash-deposit addition was considered appropriate. The merits of the additio... ... ...

Tax deduction at source on interest - Real income doctrine - Addition u/s 69C for carried-forward capital advance - Double taxation of capital work-in-progress write-off TDS on interest credited or paid - Disallowance u/s 40(a)(ia) - Disallowance for non-deduction of tax on interest shown as accrued and due, where no interest was credited or paid during the relevant previous year - HELD THAT: - The closing balances represented brought-forward interest liabilities, reconciled with the books, a... ... ...

Unexplained cash credit - Cash deposits during demonetisation - Unexplained cash credit HELD THAT: - Section 68 cannot be invoked where the assessee has explained the bank deposits as representing accumulated cash sales recorded in its books, and the Assessing Officer has accepted the sales and trading results without identifying defects in the stock inventory. Sale consideration received for supply of goods is not a credit in the nature of borrowed funds requiring proof of the identity and c... ... ...

Penalty for misreporting arising from late employees' PF/ESI contributions Levy of penalty u/s. 270A(9) - misreporting based on disallowance of employees' PF/ESI contributions deposited beyond the due dates under the welfare enactments - HELD THAT: - The Tribunal held that all material facts concerning the claim had been disclosed by the assessee and that no new material was brought by the Assessing Officer or the Commissioner (Appeals). The disallowance of the claim, therefore, did n... ... ...

Scrutiny notice u/s 143(2) - non-conformity with CBDT-prescribed format - Additional evidence in appellate proceedings - opportunity to AO - Reasoned appellate adjudication Scrutiny notice u/s 143(2) - non-conformity with CBDT-prescribed format - Validity of the scrutiny notice and consequential assessment where the notice did not conform to the format prescribed by the CBDT Instruction - HELD THAT: - Applying M D Sons, Bangalore [2026 (7) TMI 1968 - ITAT BENGALURU (LB) (SB)] and Bharat Bansa... ... ...

Unexplained cash credits - share capital, share premium and unsecured loans - Proof of identity, creditworthiness, genuineness and source of source - Cash credit-credit entry in the relevant year Unexplained share capital-source of source evidence - Addition under section 68 in respect of share capital received from Growfast Realtors Pvt. Ltd. in AY 2014-15 - HELD THAT: - The bank material established that the investor had made the payments to the assessee, proving the source of source and ge... ... ...