Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Valuation of imported goods - undervaluation of aluminium and zinc scrap of various grades imported from overseas suppliers. Redetermination of value based on import price being lower than prevailing London Metal Exchange (LME) prices. Held: Valuation u/s 14 mandates value as price at which goods ordinarily sold or offered for sale at time and place of importation in international trade, considering deemed value where seller and buyer have no business interest and price is sole consideration. Appellant entered contracts with overseas suppliers, goods supplied under commercial invoices. No evidence of additional payment or business interest between parties. LME prices cannot be sole evidence to substantiate undervaluation charge when contemporaneous imports at similar prices available. Transaction value cannot be rejected without contemporaneous evidence. Demands and penalties unsustainable, impugned order set aside, appeal allowed.
Valuation of imported goods - undervaluation of aluminium and zinc scrap of various grades imported from overseas suppliers. Redetermination of value based on import price being lower than prevailing London Metal Exchange (LME) prices. Held: Valuation u/s 14 mandates value as price at which goods ordinarily sold or offered for sale at time and place of importation in international trade, considering deemed value where seller and buyer have no business interest and price is sole consideration. Appellant entered contracts with overseas suppliers, goods supplied under commercial invoices. No evidence of additional payment or business interest between parties. LME prices cannot be sole evidence to substantiate undervaluation charge when contemporaneous imports at similar prices available. Transaction value cannot be rejected without contemporaneous evidence. Demands and penalties unsustainable, impugned order set aside, appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
