Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
A steamer agent's penalty under Section 112(a) of the Customs Act was set aside because it filed the IGM on the Master's declarations, promptly sought amendment on confirmation of the retained onboard cargo, and there was no evidence of conscious involvement, connivance, aiding, abetting, or deliberate suppression. The Tribunal held that a mere procedural lapse, inadvertent omission, or communication failure is insufficient for penal liability. It also ruled that retained onboard cargo which remained continuously on the vessel, was never unloaded in India, and was discharged abroad did not acquire the character of imported goods and therefore was not liable to confiscation under Section 111.
A steamer agent's penalty under Section 112(a) of the Customs Act was set aside because it filed the IGM on the Master's declarations, promptly sought amendment on confirmation of the retained onboard cargo, and there was no evidence of conscious involvement, connivance, aiding, abetting, or deliberate suppression. The Tribunal held that a mere procedural lapse, inadvertent omission, or communication failure is insufficient for penal liability. It also ruled that retained onboard cargo which remained continuously on the vessel, was never unloaded in India, and was discharged abroad did not acquire the character of imported goods and therefore was not liable to confiscation under Section 111.
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