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...
The case involves the levy of penalty u/s 112(a) of the Customs Act, 1962 on the appellant for smuggling foreign origin cigarettes. The appellant, a freight forwarder, facilitated the clearance of smuggled goods without proper verification. The penalty of Rs. 5,00,000/- was upheld due to deliberate actions to conceal the smuggling. The appellant was given sufficient opportunity for personal hearing, meeting the principles of natural justice. The Tribunal's decision in a similar case supported the penalty imposition. The penalty on the appellant, a Proprietor in a Freight Forwarding firm, was upheld, and the appeal was dismissed.
The case involves the levy of penalty u/s 112(a) of the Customs Act, 1962 on the appellant for smuggling foreign origin cigarettes. The appellant, a freight forwarder, facilitated the clearance of smuggled goods without proper verification. The penalty of Rs. 5,00,000/- was upheld due to deliberate actions to conceal the smuggling. The appellant was given sufficient opportunity for personal hearing, meeting the principles of natural justice. The Tribunal's decision in a similar case supported the penalty imposition. The penalty on the appellant, a Proprietor in a Freight Forwarding firm, was upheld, and the appeal was dismissed.
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TaxTMI 
TaxTMI 
of 4918 
