Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Adjustment of Penalties from Refund amount - After an appellate order allowed redemption of the seized currency upon payment of fines and penalties, the appellant filed a refund claim for the amounts paid. - The case involved the illegal smuggling of foreign currency, confiscation, and penalty imposition by the original authority, followed by appeals and refund claims. - The original authority deducted penalties imposed on co-noticees from the refund amount sanctioned to the appellant. - The Appellate Tribunal found that the deductions made from the appellant's refund amount were not justified. Section 142 of the Customs Act does not allow recovery of personal penalties from a refund. - Relying on legal precedents, the Tribunal concluded that personal penalties cannot be recovered from a refund granted to the appellant.
Adjustment of Penalties from Refund amount - After an appellate order allowed redemption of the seized currency upon payment of fines and penalties, the appellant filed a refund claim for the amounts paid. - The case involved the illegal smuggling of foreign currency, confiscation, and penalty imposition by the original authority, followed by appeals and refund claims. - The original authority deducted penalties imposed on co-noticees from the refund amount sanctioned to the appellant. - The Appellate Tribunal found that the deductions made from the appellant's refund amount were not justified. Section 142 of the Customs Act does not allow recovery of personal penalties from a refund. - Relying on legal precedents, the Tribunal concluded that personal penalties cannot be recovered from a refund granted to the appellant.
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