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Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Adjudication of a customs duty dispute involving the import of cars and the determination of the 'transaction value' u/s 14 of the Customs Act, 1962. The key points are: The appellate tribunal found discrepancies and lack of evidence regarding the supplementary invoices raised by the supplier, Bentley Motors Ltd., on the importer, Exclusive Motors Pvt. Ltd. The credibility of these invoices, purportedly adjusting freight and insurance costs, was questioned due to inconsistencies in record-keeping, unavailability of invoices for certain shipments, and lack of proof of payment through banking or informal channels. The tribunal also questioned the reliance on export declarations filed with HMRC (UK) to treat the contract as FOB terms, as these were mere statistical reports without legal consequences. The contract terms between the parties were found to be CIP/DAP, placing the risk liability on the supplier until import into India. Altering the terms to FOB would require evidence of risk liability transfer, which was lacking. The tribunal held that the customs authorities failed to discharge the burden of establishing that freight and insurance were excluded or unascertainable, as required under the Customs Valuation Rules, 2007. Consequently, the enhancement of the declared price by 21.125% to arrive at the 'transaction value' was foun.
Adjudication of a customs duty dispute involving the import of cars and the determination of the 'transaction value' u/s 14 of the Customs Act, 1962. The key points are: The appellate tribunal found discrepancies and lack of evidence regarding the supplementary invoices raised by the supplier, Bentley Motors Ltd., on the importer, Exclusive Motors Pvt. Ltd. The credibility of these invoices, purportedly adjusting freight and insurance costs, was questioned due to inconsistencies in record-keeping, unavailability of invoices for certain shipments, and lack of proof of payment through banking or informal channels. The tribunal also questioned the reliance on export declarations filed with HMRC (UK) to treat the contract as FOB terms, as these were mere statistical reports without legal consequences. The contract terms between the parties were found to be CIP/DAP, placing the risk liability on the supplier until import into India. Altering the terms to FOB would require evidence of risk liability transfer, which was lacking. The tribunal held that the customs authorities failed to discharge the burden of establishing that freight and insurance were excluded or unascertainable, as required under the Customs Valuation Rules, 2007. Consequently, the enhancement of the declared price by 21.125% to arrive at the 'transaction value' was foun.
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