SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Sentencing for customs misdeclaration involving attempted export of prohibited red sander wooden logs depends on whether the goods are established as attracting the statutory regime for specified goods. Misdeclaration of the logs as granite cobble stones supported criminal liability under the Customs Act. Where coverage under Section 123 was not established, the lower sentencing provision under Section 135(1)(ii), with a maximum three-year term, applied rather than the higher penalty. The custodial sentence was reduced to the period already undergone, while convictions were maintained subject to revised fines and default sentences.
Sentencing for customs misdeclaration involving attempted export of prohibited red sander wooden logs depends on whether the goods are established as attracting the statutory regime for specified goods. Misdeclaration of the logs as granite cobble stones supported criminal liability under the Customs Act. Where coverage under Section 123 was not established, the lower sentencing provision under Section 135(1)(ii), with a maximum three-year term, applied rather than the higher penalty. The custodial sentence was reduced to the period already undergone, while convictions were maintained subject to revised fines and default sentences.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4883 
