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...
Refund claim lying in cenvat credit on CVD and BCD paid by the appellant - The Tribunal observed that the appellant wasn't registered under the Central Excise Act, 1944, during the relevant period. Therefore, they were not eligible for cenvat credit under the existing law. Despite transitional provisions permitting credit transfer on the appointed day (01.07.2012), the appellant had paid duties after this date. Hence, they were ineligible for the credit prayed for under transitional provisions. The Tribunal upheld the rejection of the refund claim, citing the conditional nature of the import and its exclusive use for export as per Foreign Trade Policy.
Refund claim lying in cenvat credit on CVD and BCD paid by the appellant - The Tribunal observed that the appellant wasn't registered under the Central Excise Act, 1944, during the relevant period. Therefore, they were not eligible for cenvat credit under the existing law. Despite transitional provisions permitting credit transfer on the appointed day (01.07.2012), the appellant had paid duties after this date. Hence, they were ineligible for the credit prayed for under transitional provisions. The Tribunal upheld the rejection of the refund claim, citing the conditional nature of the import and its exclusive use for export as per Foreign Trade Policy.
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