Home Highlights November 2014 Year 2014 This

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1. Article – waiver of penalty – rejection of application without reason – not justified

2. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT

3. Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

4. Valuation of imported goods - the word “doubt” used in the rule has to be based on cogent reasons and evidences - Clearly, for rejection of the transaction value under...

5. Valuation of imported goods - Wet Dates - The rejection of transaction value even when based upon NIDB data cannot be done without disclosing materials, as well as...

6. Addition being 40% of cash balance shown in the balance sheet as income of the assessee - A.O without any basis, simply says that the cash in hand is excessive and...

7. Valuation of imported goods - rejection of transaction value - as the appellants were not made part of market enquiry; copy of the report was not provided to them and...

8. Seizure of imported goods - misdeclaration of goods - when the mis-declaration was only in respect of 81 bales, Commissioner proceeded to redetermine the entire quantity...

9. Valuation of imported goods - rejection of declared value - Formation of belief and recording of reasons as to reasonable doubt and communication of the reasons when...

10. Valuation of imported goods - non & mis- declaration - adjudicating authority has not recorded the reason as to why he has resorted to the valuation under Rule 7 without...

11. Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of Resolution Plan -Rejection of...

12. Valuation of import of goods - In the absence of identical goods, valuation on the basis of similar goods is valid - order of the Commissioner cannot be faulted - SC

13. Additions u/s 68 - cash credit -AO doubted the creditworthiness or the genuineness of the transaction on the basis of mere presumption and suspicion without properly...

14. Valuation of imported goods - electronic goods including branded and non - The tribunal held that the adjudicating authority and the Commissioner (Appeals) failed to...

15. Reopening of assessment u/s 147 - ‘reasons to suspect’ or ‘Reasons to believe’ - The manner in which the reasons have been recorded make it appear that the assessing...