Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Related-party imports justified rejection of the declared transaction value because common ownership and control created reasonable doubt as to its truth and accuracy under Rule 10A. After that rejection, valuation had to proceed strictly in sequence under the Customs Valuation Rules; a composite and unsupported resort to Rule 8, including use of domestic sale prices and an assumed average undervaluation, was unsustainable. Only the leather straps valuation was supported by duplicate invoices and could be adopted under Rule 5, so the demand was sustained only to that limited extent, while confiscation, redemption fine and penalties fell with the reassessment.
Related-party imports justified rejection of the declared transaction value because common ownership and control created reasonable doubt as to its truth and accuracy under Rule 10A. After that rejection, valuation had to proceed strictly in sequence under the Customs Valuation Rules; a composite and unsupported resort to Rule 8, including use of domestic sale prices and an assumed average undervaluation, was unsustainable. Only the leather straps valuation was supported by duplicate invoices and could be adopted under Rule 5, so the demand was sustained only to that limited extent, while confiscation, redemption fine and penalties fell with the reassessment.
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