Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
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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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