Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to the income of the assessee. - Considering the absence of evidence regarding the fate of the unaccounted purchases in the assessee's financial statements, the Tribunal deemed it necessary to estimate the profit element for tax purposes. While the assessee suggested a profit rate of 2%, the Tribunal deemed a higher rate appropriate, settling at 5% for the sake of justice and fair play.
Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to the income of the assessee. - Considering the absence of evidence regarding the fate of the unaccounted purchases in the assessee's financial statements, the Tribunal deemed it necessary to estimate the profit element for tax purposes. While the assessee suggested a profit rate of 2%, the Tribunal deemed a higher rate appropriate, settling at 5% for the sake of justice and fair play.
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