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 appellants imported a helicopter (Model No.412-EP, Sr. No.36643 registered as VT-HGK) vide B/E No.397583 dated 26.12.2007. The exemption entry 347B of the N/N. 21/2002-Customs dated 01.03.2002, as amended by notification No.61/2007-Customs dated 03.05.2007, exempts import of helicopters from basic customs duty subject to condition No. 104. The appellants had a contractual arrangement with a company for providing helicopter services by making available the specified aircraft(s) owned by them, for which they had obtained Non-Scheduled Air Transport Services (Passenger) permit. The Tribunal held that the import of helicopter by the appellants would be covered by the exemption entry under Serial No. 347B, being eligible for exemption from the whole of the import duties of customs. The impugned order confirming the demand of customs duty, confiscation of imported goods, redemption fine, and penalties was set aside, allowing the appeal.
The appellants imported a helicopter (Model No.412-EP, Sr. No.36643 registered as VT-HGK) vide B/E No.397583 dated 26.12.2007. The exemption entry 347B of the N/N. 21/2002-Customs dated 01.03.2002, as amended by notification No.61/2007-Customs dated 03.05.2007, exempts import of helicopters from basic customs duty subject to condition No. 104. The appellants had a contractual arrangement with a company for providing helicopter services by making available the specified aircraft(s) owned by them, for which they had obtained Non-Scheduled Air Transport Services (Passenger) permit. The Tribunal held that the import of helicopter by the appellants would be covered by the exemption entry under Serial No. 347B, being eligible for exemption from the whole of the import duties of customs. The impugned order confirming the demand of customs duty, confiscation of imported goods, redemption fine, and penalties was set aside, allowing the appeal.
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