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...
ITAT held that reassessment initiated after three years from the end of AY 2017-18 could not be sustained where the alleged escaped income was only Rs. 5,00,000, because section 149(1)(b) applies only when the escaped income is, or is likely to be, Rs. 50,00,000 or more in the prescribed form. As that statutory threshold was not met, the sanction under section 151 was invalid and the notice under section 148 was bad in law, rendering the reassessment under section 147 liable to be quashed. The merits of the addition and the remaining grounds were left unadjudicated as academic.
ITAT held that reassessment initiated after three years from the end of AY 2017-18 could not be sustained where the alleged escaped income was only Rs. 5,00,000, because section 149(1)(b) applies only when the escaped income is, or is likely to be, Rs. 50,00,000 or more in the prescribed form. As that statutory threshold was not met, the sanction under section 151 was invalid and the notice under section 148 was bad in law, rendering the reassessment under section 147 liable to be quashed. The merits of the addition and the remaining grounds were left unadjudicated as academic.
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