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 - fine - penalty - Mis-declaring the quantity of cigarettes imported under warehouse bill of entry for re-export purpose - The customs authorities confiscated the mis-declared goods and imposed redemption fines, along with a penalty under the Customs Act, 1962. On appeal, the Appellate Tribunal upheld the confiscation and imposition of redemption fines but reduced the penalty imposed, considering factors such as the perishable nature of the goods, absence of significant profit, and the continued custody of the confiscated goods by the department.
Confiscation - fine - penalty - Mis-declaring the quantity of cigarettes imported under warehouse bill of entry for re-export purpose - The customs authorities confiscated the mis-declared goods and imposed redemption fines, along with a penalty under the Customs Act, 1962. On appeal, the Appellate Tribunal upheld the confiscation and imposition of redemption fines but reduced the penalty imposed, considering factors such as the perishable nature of the goods, absence of significant profit, and the continued custody of the confiscated goods by the department.
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