Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Imported embroidery threads were re-valued on the basis of the full transaction value because supplementary invoices and admitted extra payments showed that part of the price had been kept outside the banking channel. The absence of comparable import data did not defeat the demand, since the undervaluation was supported by the appellants' own documents and admissions. The Tribunal sustained the differential customs duty after re-determining the assessable value under the valuation rules, and upheld penalties on both the importer and its Director because the same evidence established suppression and wilful misstatement.
Imported embroidery threads were re-valued on the basis of the full transaction value because supplementary invoices and admitted extra payments showed that part of the price had been kept outside the banking channel. The absence of comparable import data did not defeat the demand, since the undervaluation was supported by the appellants' own documents and admissions. The Tribunal sustained the differential customs duty after re-determining the assessable value under the valuation rules, and upheld penalties on both the importer and its Director because the same evidence established suppression and wilful misstatement.
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