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...
The case involves a dispute u/s Customs Act regarding remission of duty for goods lost in a fire in an SEZ. The tribunal held that loss of goods in fire does not constitute non-utilization for authorized operations. Citing a similar case, it concluded that goods destroyed in a foreign territory are not subject to customs duty. The tribunal rejected the application of remission citing incorrect application of Customs Act provisions to SEZ Act. It found the demand for duty on entire stock post-fire unjustified, as evidence showed not all goods were destroyed. The impugned order was set aside, and the appeal was allowed.
The case involves a dispute u/s Customs Act regarding remission of duty for goods lost in a fire in an SEZ. The tribunal held that loss of goods in fire does not constitute non-utilization for authorized operations. Citing a similar case, it concluded that goods destroyed in a foreign territory are not subject to customs duty. The tribunal rejected the application of remission citing incorrect application of Customs Act provisions to SEZ Act. It found the demand for duty on entire stock post-fire unjustified, as evidence showed not all goods were destroyed. The impugned order was set aside, and the appeal was allowed.
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TaxTMI 
TaxTMI 
of 4918 
