Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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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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