Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
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Mis-declaration of quantity - Assorted spectacle - The Tribunal acknowledged the misdeclaration of quantity, confirming that the actual quantity exceeded the declared quantity, thus justifying confiscation of the goods under section 111(m) of the Customs Act, 1962. - Regarding valuation, the Tribunal noted the discrepancies between the declared value and the market value of the branded frames. Despite the absence of specific rules for valuation, the Tribunal upheld the use of a chartered engineer's assessment to determine the value of the goods, concluding that the declared value was incorrect.
Mis-declaration of quantity - Assorted spectacle - The Tribunal acknowledged the misdeclaration of quantity, confirming that the actual quantity exceeded the declared quantity, thus justifying confiscation of the goods under section 111(m) of the Customs Act, 1962. - Regarding valuation, the Tribunal noted the discrepancies between the declared value and the market value of the branded frames. Despite the absence of specific rules for valuation, the Tribunal upheld the use of a chartered engineer's assessment to determine the value of the goods, concluding that the declared value was incorrect.
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