Can AO take the valuation of purchases on which customs duty was payable as the amount of actual purchase?

Last updated: 23 June 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns whether the Assessing Officer (AO) can treat the value of purchases subject to customs duty as the actual purchase amount. The appellant argues that the AO erred in confirming an addition of Rs 12,22,301 to their income based on this valuation, alongside other additions for unexplained expenses. The tribunal will review the AO's methods and adherence to natural justice principles in this assessment year 2016-17 appeal.

Court :
ITAT Delhi

Brief :
This appeal filed by the assessee for the assessment year 2016-17 is directed against the order of learned CIT(A)-10, New Delhi dated 24.10.2019. The assessee has raised following grounds of appeal:-

Citation :
ITA No.9684/Del/2019

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