Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Residuary penalty under section 117 of the Customs Act was unsustainable where specific penal provisions were available and the importer's omission arose from the supplier's failure to provide an invoice. After clearance, the importer verified the consignment, voluntarily disclosed the omitted invoice to Customs, and sought reassessment to pay duty on the entire consignment. As no material showed that Customs would otherwise have detected the irregularity, the Tribunal set aside the penalty imposed under section 117, allowed the appeal, and granted consequential relief.
Residuary penalty under section 117 of the Customs Act was unsustainable where specific penal provisions were available and the importer's omission arose from the supplier's failure to provide an invoice. After clearance, the importer verified the consignment, voluntarily disclosed the omitted invoice to Customs, and sought reassessment to pay duty on the entire consignment. As no material showed that Customs would otherwise have detected the irregularity, the Tribunal set aside the penalty imposed under section 117, allowed the appeal, and granted consequential relief.
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