Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
Section 117 of the Customs Act is a residual penal provision and can be invoked only where no express penalty exists for the same contravention. For a Customs Broker governed by the Customs Broker Licensing Regulations, 2018, the Tribunal held that the Regulations themselves provided the penal framework, so Section 117 could not be used for the alleged due diligence breach. It also found no evidence linking the broker to fraudulent export activity, and the penalty had been imposed only for an alleged regulatory breach. On that basis, the Section 117 penalty was set aside.
Section 117 of the Customs Act is a residual penal provision and can be invoked only where no express penalty exists for the same contravention. For a Customs Broker governed by the Customs Broker Licensing Regulations, 2018, the Tribunal held that the Regulations themselves provided the penal framework, so Section 117 could not be used for the alleged due diligence breach. It also found no evidence linking the broker to fraudulent export activity, and the penalty had been imposed only for an alleged regulatory breach. On that basis, the Section 117 penalty was set aside.
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