Foundational assessment satisfaction is essential before initiating penalty for cash receipt of immovable-property sale consideration under section 27...
Tax collection at source on purchases removes duplicate withholding obligation, while trade-creditor evidence requires verification before unexplained...
Transfer-pricing comparability requires material turnover effects; adjustments must cover only associated-enterprise transactions and exclude abnormal...
Gold imported outside Reserve Bank of India-authorised bulk-import channels or the passenger-import regime under the Baggage Rules is prohibited goods under the Customs Act, 1962. The definition extends to goods restricted under any law in force and is not limited to prohibitions expressly notified under the Customs Act. Consequently, penalties applicable to improper importation of prohibited goods apply. A penalty order is not jurisdictionally invalid merely because it cites an incorrect provision or does not specify the relevant clause, provided the adjudicating authority had substantive power and its reasoned order identifies the goods as prohibited.
Gold imported outside Reserve Bank of India-authorised bulk-import channels or the passenger-import regime under the Baggage Rules is prohibited goods under the Customs Act, 1962. The definition extends to goods restricted under any law in force and is not limited to prohibitions expressly notified under the Customs Act. Consequently, penalties applicable to improper importation of prohibited goods apply. A penalty order is not jurisdictionally invalid merely because it cites an incorrect provision or does not specify the relevant clause, provided the adjudicating authority had substantive power and its reasoned order identifies the goods as prohibited.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
