Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Revocation of Customs Brokers licence - forfeiture of security deposit - Levy of penalty - The appellant consistently misrepresented the imported goods as Green Tea, contrary to their actual nature. - The Tribunal held that, a Customs Broker is expected to behave and operate responsibly and he cannot simply file benami Bills of Entry which, in this case, resulted in import of a psychotropic substance. Filing of Benami Bills of Entry, if condoned, can have severe consequences. Customs procedures are based on trust and selective controls based on risk assessment. If Customs Brokers start filing Benami Bills of Entry, in the name of any importer, it can open the floodgates for free import of any contraband including, drugs, arms and explosives. - CESTAT upheld the impugned order, rejecting the appellant's appeal.
Revocation of Customs Brokers licence - forfeiture of security deposit - Levy of penalty - The appellant consistently misrepresented the imported goods as Green Tea, contrary to their actual nature. - The Tribunal held that, a Customs Broker is expected to behave and operate responsibly and he cannot simply file benami Bills of Entry which, in this case, resulted in import of a psychotropic substance. Filing of Benami Bills of Entry, if condoned, can have severe consequences. Customs procedures are based on trust and selective controls based on risk assessment. If Customs Brokers start filing Benami Bills of Entry, in the name of any importer, it can open the floodgates for free import of any contraband including, drugs, arms and explosives. - CESTAT upheld the impugned order, rejecting the appellant's appeal.
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