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...
Maintainability of appeal - monetary limit involved in the appeal - Smuggling - Gold Bars - The case involved the confiscation of 3.5 kg of gold bars by the Custom Authority, which was later contested by the respondents in legal proceedings. The respondents claimed that the gold was possessed as per the terms of a Will executed by one of their grandmothers. The Tribunal found the Will to be valid and accepted that the gold was legally obtained through the legacy mentioned in the Will. Consequently, the Tribunal ruled that the gold did not constitute smuggled items under the Customs Act. As a result, the imposition of penalties by the revenue was deemed unjustified, and the appeals were allowed in favor of the respondents. The High court dismissed the appeals below the monetary limit, as per the litigation policy, with no order as to costs.
Maintainability of appeal - monetary limit involved in the appeal - Smuggling - Gold Bars - The case involved the confiscation of 3.5 kg of gold bars by the Custom Authority, which was later contested by the respondents in legal proceedings. The respondents claimed that the gold was possessed as per the terms of a Will executed by one of their grandmothers. The Tribunal found the Will to be valid and accepted that the gold was legally obtained through the legacy mentioned in the Will. Consequently, the Tribunal ruled that the gold did not constitute smuggled items under the Customs Act. As a result, the imposition of penalties by the revenue was deemed unjustified, and the appeals were allowed in favor of the respondents. The High court dismissed the appeals below the monetary limit, as per the litigation policy, with no order as to costs.
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