Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Related-party customs valuation cannot be rejected where the relationship has not influenced price, especially when the imports form part of composite EPC contracts awarded through international competitive bidding to the lowest bidder. The Tribunal accepted that the declared transaction value was correctly taken because the pricing was transparent and independent, and bankers' documents relied on to allege overvaluation lacked the required certificate under the Customs Act, so they could not justify rejection of value. Once misdeclaration of value failed, confiscation for misdeclaration and the consequential penalties under the Customs Act also failed. The department's appeals were dismissed.
Related-party customs valuation cannot be rejected where the relationship has not influenced price, especially when the imports form part of composite EPC contracts awarded through international competitive bidding to the lowest bidder. The Tribunal accepted that the declared transaction value was correctly taken because the pricing was transparent and independent, and bankers' documents relied on to allege overvaluation lacked the required certificate under the Customs Act, so they could not justify rejection of value. Once misdeclaration of value failed, confiscation for misdeclaration and the consequential penalties under the Customs Act also failed. The department's appeals were dismissed.
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