Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Confiscation of the currency seized - validity of order for release on payment of redemption fine - The High court found that the seizure and confiscation of foreign currency were justified under Sections 113(d), 113(e), and 113(h) of the Customs Act, 1962, read with the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. - The Court found that, there are no notifications issued u/s 11-I of the Customs Act, 1962. - The court observed that the appellate authority properly exercised discretion u/s 125 by allowing the redemption of the seized currency upon payment of a fine, modifying the Order-in-Original to reduce the penalty and allow for the currency's redemption.
Confiscation of the currency seized - validity of order for release on payment of redemption fine - The High court found that the seizure and confiscation of foreign currency were justified under Sections 113(d), 113(e), and 113(h) of the Customs Act, 1962, read with the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. - The Court found that, there are no notifications issued u/s 11-I of the Customs Act, 1962. - The court observed that the appellate authority properly exercised discretion u/s 125 by allowing the redemption of the seized currency upon payment of a fine, modifying the Order-in-Original to reduce the penalty and allow for the currency's redemption.
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