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Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Imported raw sesame seeds duty-free under Advance Authorization Scheme were allegedly diverted and sold in the local market instead of being used for export production as specified. The appellant claimed to have exported the processed sesame seeds by procuring indigenous duty-paid goods and claiming the stipulated 1% SION norm process loss. Customs discharged the bond after due consideration. For the alleged diversion against 4 contract notes, 3 were canceled, and for the 4th, hulled sesame seeds were supplied, disproving diversion. Documents relied upon by the department failed to evidence diversion. The appellant sought clarification on using indigenous raw material and revision of norms, which was duly considered. Evidence indicates procurement of indigenous material rather than diversion, appreciated by DGFT's practical and pragmatic stance of revising the lower 1% norm. DGFT's Policy Interpretation Committee permitted sourcing domestic material for deficiency. DGFT issued EODCs, and Customs discharged the bond accordingly. The adjudicating authority correctly granted relief after considering arguments and developments. The CESTAT upheld the order, dismissing the department's appeals as devoid of merit and the appellant's appeal seeking drawback adjustment as infructuous.
Imported raw sesame seeds duty-free under Advance Authorization Scheme were allegedly diverted and sold in the local market instead of being used for export production as specified. The appellant claimed to have exported the processed sesame seeds by procuring indigenous duty-paid goods and claiming the stipulated 1% SION norm process loss. Customs discharged the bond after due consideration. For the alleged diversion against 4 contract notes, 3 were canceled, and for the 4th, hulled sesame seeds were supplied, disproving diversion. Documents relied upon by the department failed to evidence diversion. The appellant sought clarification on using indigenous raw material and revision of norms, which was duly considered. Evidence indicates procurement of indigenous material rather than diversion, appreciated by DGFT's practical and pragmatic stance of revising the lower 1% norm. DGFT's Policy Interpretation Committee permitted sourcing domestic material for deficiency. DGFT issued EODCs, and Customs discharged the bond accordingly. The adjudicating authority correctly granted relief after considering arguments and developments. The CESTAT upheld the order, dismissing the department's appeals as devoid of merit and the appellant's appeal seeking drawback adjustment as infructuous.
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