Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
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...
Seeking re-export of goods - Absolute confiscation of goods - breach of ‘intellectual property rights’ - The tribunal found that while the goods were correctly confiscated under sections 111(d), 111(f), 111(l), and 111(m) of the Customs Act, 1962, the option for re-export should have been given for goods that were importable under specific conditions. - It was determined that while the goods were rightly confiscated due to violations of import regulations, the method of handling the aftermath, including the destruction of goods and some of the penalty assessments, was inappropriate and exceeded legal authority.
Seeking re-export of goods - Absolute confiscation of goods - breach of ‘intellectual property rights’ - The tribunal found that while the goods were correctly confiscated under sections 111(d), 111(f), 111(l), and 111(m) of the Customs Act, 1962, the option for re-export should have been given for goods that were importable under specific conditions. - It was determined that while the goods were rightly confiscated due to violations of import regulations, the method of handling the aftermath, including the destruction of goods and some of the penalty assessments, was inappropriate and exceeded legal authority.
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