Revision u/s 263 by CIT - Discrepancy in the claim of imported ...

Case Laws Income Tax

February 15, 2023

Revision u/s 263 by CIT - Discrepancy in the claim of imported purchases as per the books and as per the CBEC data - assessee was only put to notice about the mismatch in import purchases. The issue of mismatch in export sales never being confronted to the assessee, the Ld.PCIT’s order holding the assessment order erroneous on this count is against all principles of natural justice and accordingly is set aside on this count. - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Discrepancy in the claim of imported ...

Case Laws Income Tax

February 15, 2023

You may also like:

Valuation of imported goods - NIDB data cannot be used to enhance the value of imported goods.

4% SAD refund claim – CBEC allows filing of refund claim at each Customs stations where imports are made instead of single application per Commissionerate.

Classification of imported goods - badge reader - data collection device versus data processing machine - the device captures the data from the employee’s card or the...

The case pertains to the import of restricted goods, specifically marbles and mosaics, under the Import Policy at a value lower than the Minimum Import Price notified by...

Valuation of imported goods - In case of new machinery, Rules require valuation to be done on the basis of contemporaneous imports (NIDB data). In absence of such data,...

Revision u/s 254 - NP estimation on turnover - Bogus bills for purchase of diamonds - it is nothing, but a bogus claim of expenditure recorded in the books of accounts...

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

Customs valuation of imported cyanuric chloride - revenue rejected declared value based on NIDB and contemporaneous import data showing higher prices for smaller...

Undisclosed income - CBEC has not accepted the invoice value and determined separate value for the purpose of customs duty. Therefore, merely for the reason that the...

The case pertains to the valuation of imported porcelain vitrified tiles. The key points are: The assessment attained finality, but the appellant has the legal right to...

This trade notice clarifies the procedure for import/re-import of "Exhibits and Samples" for demo, display, exhibition, and participation in fairs or events in India or...

Penalty u/s. 271B - assessee had not filed audit report - Only a qualified CA is permitted to Audit books of account. In the affidavit it is claimed by the Accountant of...

Classification of imported goods - Antenna for base station imported by the appellant - whether classifiable as parts of base station under CTH 85177090 as claimed by...

Reversal of Input tax Credit - on purchase of R.E.P. license - the assessee-dealer had purchased import license from another person after paying the taxes as was...

Bogus purchases - accommodation entry - at best it would be a case that purchases have been made from one party in grey market and bills have been obtained from another...

Quick Updates: