Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
A deliberate export fraud was proved where Ketamine was shipped under the guise of Alpha Olefin Sulphonate through fabricated documents, misuse of IEC details and coordinated use of freight forwarders, CHA and a bank account. The Tribunal accepted the foreign seizure report, transmitted through the Indian Consulate, as carrying evidentiary value and relied on corroborated witness statements, the appellant's own inculpatory statement and surrounding circumstances to hold that smuggling can be established by circumstantial evidence where direct proof is scarce. Penalty under Customs law was therefore sustained, but reduced to Rs. 5 lakh. Redemption fine was set aside because the goods had already been exported, were not available for confiscation and had not been cleared on bond.
A deliberate export fraud was proved where Ketamine was shipped under the guise of Alpha Olefin Sulphonate through fabricated documents, misuse of IEC details and coordinated use of freight forwarders, CHA and a bank account. The Tribunal accepted the foreign seizure report, transmitted through the Indian Consulate, as carrying evidentiary value and relied on corroborated witness statements, the appellant's own inculpatory statement and surrounding circumstances to hold that smuggling can be established by circumstantial evidence where direct proof is scarce. Penalty under Customs law was therefore sustained, but reduced to Rs. 5 lakh. Redemption fine was set aside because the goods had already been exported, were not available for confiscation and had not been cleared on bond.
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