Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Imposition of penalty - Smuggling - Gold bars of foreign origin - illegally imported goods - CESTAT held that, once the two Appellants disputed the fact of recovery of confiscated gold bars from them and also disputed the panchnama dated 30.03.2019, the panch witnesses were required to be offered for cross-examination so that the truth of the contents of the panchnama and the recovery made from the two Appellants could have been established. The Revenue has also not got the confiscated gold bars tested by touchstone method to test the purity of the confiscated gold bars. Consequently, the tribunal set aside the penalties and dropped the proceedings.
Imposition of penalty - Smuggling - Gold bars of foreign origin - illegally imported goods - CESTAT held that, once the two Appellants disputed the fact of recovery of confiscated gold bars from them and also disputed the panchnama dated 30.03.2019, the panch witnesses were required to be offered for cross-examination so that the truth of the contents of the panchnama and the recovery made from the two Appellants could have been established. The Revenue has also not got the confiscated gold bars tested by touchstone method to test the purity of the confiscated gold bars. Consequently, the tribunal set aside the penalties and dropped the proceedings.
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