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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The case involved the valuation of medicaments for excise duty purposes u/s 4 or 4A of the Central Excise Act, 1944. The issue was whether medicaments supplied to institutions should be assessed u/s 4 or 4A. CESTAT held that when medicaments are supplied to institutions without a retail price, valuation should be u/s 4. Citing a previous case, it was established that for goods supplied to institutions, valuation should be u/s 4, not 4A. Regarding cenvat credit on control samples, the appellant had paid the duty but contested the penalty. Due to the debatable nature of the issue, penalty was set aside. The impugned orders were modified, and the appeal was allowed.
The case involved the valuation of medicaments for excise duty purposes u/s 4 or 4A of the Central Excise Act, 1944. The issue was whether medicaments supplied to institutions should be assessed u/s 4 or 4A. CESTAT held that when medicaments are supplied to institutions without a retail price, valuation should be u/s 4. Citing a previous case, it was established that for goods supplied to institutions, valuation should be u/s 4, not 4A. Regarding cenvat credit on control samples, the appellant had paid the duty but contested the penalty. Due to the debatable nature of the issue, penalty was set aside. The impugned orders were modified, and the appeal was allowed.
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