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2010 (12) TMI 951 - HC - Income TaxAdditions under section 68 - assessee obtained 25 advance licenses from DGFT under DEEC scheme for duty free imports, has grossly over invoiced export of CD ROMs to show its export obligations as having been fulfilled. It was alleged in the aforesaid report that the assessee had partly sold a few of these licenses to various importers for duty free imports - ITAT confirming the order of the CIT(A) in deleting additions - Held that:- Charges of over invoicing have not been conclusively proved by the Revenue. The evidence put forth in this regard can utmost be said to be in the realm of speculation, there is no allegation of any Hawala payment or any evidence that the proceeds received were in respect of anything other than the export of goods in question, liability accepted by the assessee is only in respect of non-fulfillment of export obligation which in any case has nothing to do with sales already made for which addition has been made, no infirmity in the approach adopted by the ITAT in upholding the order of the CIT(A) which was passed in accordance with the final order of the Settlement Commission as the same has been impliedly accepted by the Revenue. Against revenue.
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