Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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...
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Declared transaction value for imported Main PCB Boards was rejected where the importer functioned as a commission conduit, imports were arranged through the overseas supplier, and goods were immediately supplied to the domestic beneficiary. Customs value was redetermined using the lowest contemporaneous value of comparable goods from the same country, period and quantities; absence of declared technical distinctions prevented a challenge to comparability. Duty, interest and confiscation followed the finding of suppression and undervaluation. Penalties for misdeclaration and abetment were sustained against persons involved in arranging, facilitating and benefiting from the imports. Cross-examination was treated as unnecessary where liability rested on documentary evidence and voluntary admissions rather than investigating officers' statements.
Declared transaction value for imported Main PCB Boards was rejected where the importer functioned as a commission conduit, imports were arranged through the overseas supplier, and goods were immediately supplied to the domestic beneficiary. Customs value was redetermined using the lowest contemporaneous value of comparable goods from the same country, period and quantities; absence of declared technical distinctions prevented a challenge to comparability. Duty, interest and confiscation followed the finding of suppression and undervaluation. Penalties for misdeclaration and abetment were sustained against persons involved in arranging, facilitating and benefiting from the imports. Cross-examination was treated as unnecessary where liability rested on documentary evidence and voluntary admissions rather than investigating officers' statements.
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