Market value for captive electricity consumption follows industrial consumer tariffs, supporting profit computation for the power generation deduction...
Provisional release of seized imports requires enhanced duty payment, bank guarantee and disclosures while customs adjudication proceeds independently...
Penalty for failure to obtain a tax audit applies where existing books of account are not audited; it does not apply merely because books were not maintained or produced. Failure to maintain books and failure to obtain an audit are distinct defaults with separate consequences. Where turnover and profit are estimated from bank deposits because no books are available, estimated turnover or bank statements cannot substitute for books of account capable of audit. On these facts, the penalty for non-audit was unsustainable and was deleted.
Penalty for failure to obtain a tax audit applies where existing books of account are not audited; it does not apply merely because books were not maintained or produced. Failure to maintain books and failure to obtain an audit are distinct defaults with separate consequences. Where turnover and profit are estimated from bank deposits because no books are available, estimated turnover or bank statements cannot substitute for books of account capable of audit. On these facts, the penalty for non-audit was unsustainable and was deleted.
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