Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
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In the case before CESTAT Bangalore, the issue revolved around mis-declaration of import value, duty demand, confiscation of goods, and penalty imposition. The appellant, a 100% EOU providing software development services, imported a semi-conductor fabrication system. The appellant declared the value based on the supplier's proforma invoice, which was later found to be undervalued due to the goods being used. The Chartered Engineer enhanced the value, impacting the export obligation. The tribunal held that there was no intentional mis-declaration or suppression by the appellant, as the declared value was based on the proforma invoice. Consequently, the confiscation order and penalty imposed under section 112(a)(ii) were set aside.
In the case before CESTAT Bangalore, the issue revolved around mis-declaration of import value, duty demand, confiscation of goods, and penalty imposition. The appellant, a 100% EOU providing software development services, imported a semi-conductor fabrication system. The appellant declared the value based on the supplier's proforma invoice, which was later found to be undervalued due to the goods being used. The Chartered Engineer enhanced the value, impacting the export obligation. The tribunal held that there was no intentional mis-declaration or suppression by the appellant, as the declared value was based on the proforma invoice. Consequently, the confiscation order and penalty imposed under section 112(a)(ii) were set aside.
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