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 seized gold lacked foreign markings and had a purity of 99.5% to 99.6%, indicating domestic origin. As it was a town seizure, the onus was on the officer to establish reasonable belief of foreign origin before invoking Section 123 of the Customs Act, 1962. Citing precedent, the Tribunal held that suspicion alone cannot justify confiscation u/s 111 when there is no evidence of foreign origin or smuggling. Consequently, the confiscation of gold and penalty imposed were set aside, and the appeal was allowed.
The seized gold lacked foreign markings and had a purity of 99.5% to 99.6%, indicating domestic origin. As it was a town seizure, the onus was on the officer to establish reasonable belief of foreign origin before invoking Section 123 of the Customs Act, 1962. Citing precedent, the Tribunal held that suspicion alone cannot justify confiscation u/s 111 when there is no evidence of foreign origin or smuggling. Consequently, the confiscation of gold and penalty imposed were set aside, and the appeal was allowed.
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