Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Royalty added to the transaction value of imported raw materials was held unsustainable where the same Technology Assistance Agreement had already been examined in the assessee's own case and the royalty was not shown to be a condition of sale of the imported goods. In the absence of any change in facts, documents, or law, the earlier valuation ruling was followed and the demand for differential customs duty could not be sustained. The consequential interest and penalty were also set aside, with relief allowed accordingly.
Royalty added to the transaction value of imported raw materials was held unsustainable where the same Technology Assistance Agreement had already been examined in the assessee's own case and the royalty was not shown to be a condition of sale of the imported goods. In the absence of any change in facts, documents, or law, the earlier valuation ruling was followed and the demand for differential customs duty could not be sustained. The consequential interest and penalty were also set aside, with relief allowed accordingly.
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TaxTMI 
TaxTMI 
of 4915 
