Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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Limitation for the show cause notice ran from the first police seizure on a smuggling allegation, so Customs could not extend time by treating the later transfer of custody as a fresh seizure; the notice was therefore time-barred and void. The purported Customs seizure also failed because reason to believe, the jurisdictional basis for seizure, was not shown on objective pre-seizure material. Section 123 did not apply because foreign origin was never established. The retracted custodial police statement was discarded for lack of independent corroboration, while family statements and the purchase receipt supported licit ancestral ownership. Confiscation and penalties under the Customs Act accordingly failed and the gold was directed to be released.
Limitation for the show cause notice ran from the first police seizure on a smuggling allegation, so Customs could not extend time by treating the later transfer of custody as a fresh seizure; the notice was therefore time-barred and void. The purported Customs seizure also failed because reason to believe, the jurisdictional basis for seizure, was not shown on objective pre-seizure material. Section 123 did not apply because foreign origin was never established. The retracted custodial police statement was discarded for lack of independent corroboration, while family statements and the purchase receipt supported licit ancestral ownership. Confiscation and penalties under the Customs Act accordingly failed and the gold was directed to be released.
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