Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Section 9D was treated as a mandatory safeguard for using investigation statements in adjudication, requiring witness examination, recorded satisfaction for dispensing with it, and an opportunity for cross-examination; the statements were therefore inadmissible. Section 36B was also held to be a complete code for computer-derived records, and the absence of the required certificate and foundational proof made the seized papers and charts inadmissible. As no independent corroborative evidence established clandestine manufacture or removal, the duty demand, interest and equal penalty could not stand and were set aside.
Section 9D was treated as a mandatory safeguard for using investigation statements in adjudication, requiring witness examination, recorded satisfaction for dispensing with it, and an opportunity for cross-examination; the statements were therefore inadmissible. Section 36B was also held to be a complete code for computer-derived records, and the absence of the required certificate and foundational proof made the seized papers and charts inadmissible. As no independent corroborative evidence established clandestine manufacture or removal, the duty demand, interest and equal penalty could not stand and were set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
