Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
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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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