Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Royalty payments under a Licence and Technical Assistance Agreement were not addable to the transaction value of imported goods. The agreement covered transfer of technology, technical know-how, and confidential information for manufacturing products, with royalty payable on net sales value. The royalty was not conditional upon import of raw materials. As per the BREMBO case, royalty not linked to imported goods or a condition of sale is not includible in assessable value. The Tribunal held the royalty payments were not addable to the transaction value of imported goods for the period 2012-13 to 2014-15 u/s 14 of the Customs Act, 1962 read with Rule 10(1)(c) of the Customs Valuation Rules, 2007, rejecting the Revenue's appeal.
Royalty payments under a Licence and Technical Assistance Agreement were not addable to the transaction value of imported goods. The agreement covered transfer of technology, technical know-how, and confidential information for manufacturing products, with royalty payable on net sales value. The royalty was not conditional upon import of raw materials. As per the BREMBO case, royalty not linked to imported goods or a condition of sale is not includible in assessable value. The Tribunal held the royalty payments were not addable to the transaction value of imported goods for the period 2012-13 to 2014-15 u/s 14 of the Customs Act, 1962 read with Rule 10(1)(c) of the Customs Valuation Rules, 2007, rejecting the Revenue's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
