Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
ITAT notes that unaccounted sales should be taxed only to the extent of net profit embedded in those sales where seized material reflects both direct costs and indirect expenses; taxing the full gross profit element is excessive, and the rate in this matter was fixed at 2%. It also states that cash found during search can be telescoped against income already sustained on estimate where no separate use of that income elsewhere is shown, so a separate unexplained-money addition is deleted. Further, where profit estimation already subsumes the expenditure of the unaccounted activity, a separate addition for unexplained expenditure under section 69C would amount to double addition and should not survive.
ITAT notes that unaccounted sales should be taxed only to the extent of net profit embedded in those sales where seized material reflects both direct costs and indirect expenses; taxing the full gross profit element is excessive, and the rate in this matter was fixed at 2%. It also states that cash found during search can be telescoped against income already sustained on estimate where no separate use of that income elsewhere is shown, so a separate unexplained-money addition is deleted. Further, where profit estimation already subsumes the expenditure of the unaccounted activity, a separate addition for unexplained expenditure under section 69C would amount to double addition and should not survive.
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