Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
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...
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Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
The case pertains to the assessment of duty on a vessel and its ship stores during import. The key points are: freight, either actual or at 20% of FOB value, was required to be added to the value of the vessel for discharging duty at the time of import. A common bill of entry was filed for payment of duty on the vessel and the total quantum of ship stores ascertained by customs officers upon entry. The assessing authority correctly deducted the duty involved in ship stores consumed during the voyage while finalizing the bill of entry after the coastal run. The inclusion of freight is covered by a previous CESTAT Mumbai judgment in Sachin Kshirsagar's case, which held that the Commissioner (Appeals)' contention to include freight is not legally correct. The Adjudicating Authority's order is upheld as there is no infirmity found.
The case pertains to the assessment of duty on a vessel and its ship stores during import. The key points are: freight, either actual or at 20% of FOB value, was required to be added to the value of the vessel for discharging duty at the time of import. A common bill of entry was filed for payment of duty on the vessel and the total quantum of ship stores ascertained by customs officers upon entry. The assessing authority correctly deducted the duty involved in ship stores consumed during the voyage while finalizing the bill of entry after the coastal run. The inclusion of freight is covered by a previous CESTAT Mumbai judgment in Sachin Kshirsagar's case, which held that the Commissioner (Appeals)' contention to include freight is not legally correct. The Adjudicating Authority's order is upheld as there is no infirmity found.
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