Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Customs valuation requires disclosure of the grounds for doubting the truth or accuracy of the declared transaction value, followed by sequential application of the valuation rules. NIDB data or routinely adopted rates cannot support value enhancement unless the relevant Bills of Entry, declared values, and comparability of goods by country of origin, commercial level and quantity are established. Enhancement founded solely on undisclosed routine rates is unsustainable. For alleged misdeclaration, examination differences that may be commercially addressed under a supply agreement do not establish fraud, suppression or wilful misstatement without supporting evidence. In those circumstances, confiscation, redemption fine and penalties are not justified.
Customs valuation requires disclosure of the grounds for doubting the truth or accuracy of the declared transaction value, followed by sequential application of the valuation rules. NIDB data or routinely adopted rates cannot support value enhancement unless the relevant Bills of Entry, declared values, and comparability of goods by country of origin, commercial level and quantity are established. Enhancement founded solely on undisclosed routine rates is unsustainable. For alleged misdeclaration, examination differences that may be commercially addressed under a supply agreement do not establish fraud, suppression or wilful misstatement without supporting evidence. In those circumstances, confiscation, redemption fine and penalties are not justified.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
