Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Importation of an old and used car by misdeclaring it as new, resulting in undervaluation. Imposition of composite penalty u/ss 112(a), 112(b), and 114AA of the Customs Act, 1962. Penalty u/s 114AA cannot be imposed as it pertains to fraudulent exports, not imports. Quantum of penalties imposed u/ss 112(a) and 112(b) unknown. Composite penalties imposed on the appellant found unsustainable. Impugned orders imposing penalties under various provisions of the Customs Act, 1962 set aside by the Appellate Tribunal (CESTAT). Appeal allowed.
Importation of an old and used car by misdeclaring it as new, resulting in undervaluation. Imposition of composite penalty u/ss 112(a), 112(b), and 114AA of the Customs Act, 1962. Penalty u/s 114AA cannot be imposed as it pertains to fraudulent exports, not imports. Quantum of penalties imposed u/ss 112(a) and 112(b) unknown. Composite penalties imposed on the appellant found unsustainable. Impugned orders imposing penalties under various provisions of the Customs Act, 1962 set aside by the Appellate Tribunal (CESTAT). Appeal allowed.
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