Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
The case revolves around the rejection of the declared value by customs authorities and the subsequent enhancement of value based on a quotation obtained from a different supplier. The key points are: The original authority rejected the declared value and determined the value based on a quotation from another supplier, which was accepted by the importer. However, the Tribunal held that a proforma invoice or quotation cannot constitute a valid basis for enhancing the value of imported goods, as per the precedent set in the Sahara Enterprises case. The transaction value accepted by another importer in a different case cannot be the basis for valuation in the present case, where there is no such consent from the importer. Transaction value is a function of price, but there was no evidence of any flow back or additional payment by the importer over the declared transaction value. The Revenue failed to prove its case, and the impugned order was set aside by the Appellate Tribunal.
The case revolves around the rejection of the declared value by customs authorities and the subsequent enhancement of value based on a quotation obtained from a different supplier. The key points are: The original authority rejected the declared value and determined the value based on a quotation from another supplier, which was accepted by the importer. However, the Tribunal held that a proforma invoice or quotation cannot constitute a valid basis for enhancing the value of imported goods, as per the precedent set in the Sahara Enterprises case. The transaction value accepted by another importer in a different case cannot be the basis for valuation in the present case, where there is no such consent from the importer. Transaction value is a function of price, but there was no evidence of any flow back or additional payment by the importer over the declared transaction value. The Revenue failed to prove its case, and the impugned order was set aside by the Appellate Tribunal.
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