Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Shares transferred under a MoU and share purchase agreement were held to be benami property because the arrangement was not a genuine arm's length commercial deal. The transferor had already funded the original acquisition, the transferee paid only a negligible upfront amount, and the balance depended on a future sale that never materialised. The lien and pledge terms kept effective control with the transferor, while the transferee lacked independent financial capacity and used dividends from the same shares to make payment. On these facts, both limbs of Section 2(9)(A) were satisfied, so the Adjudicating Authority erred in treating the transfer as genuine; the provisional attachment was restored.
Shares transferred under a MoU and share purchase agreement were held to be benami property because the arrangement was not a genuine arm's length commercial deal. The transferor had already funded the original acquisition, the transferee paid only a negligible upfront amount, and the balance depended on a future sale that never materialised. The lien and pledge terms kept effective control with the transferor, while the transferee lacked independent financial capacity and used dividends from the same shares to make payment. On these facts, both limbs of Section 2(9)(A) were satisfied, so the Adjudicating Authority erred in treating the transfer as genuine; the provisional attachment was restored.
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