Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The CESTAT upheld the confiscation of 14200 kg of battery scrap of foreign origin which was smuggled through unauthorized routes from Nepal. The appellant was found to be the mastermind and penalized Rs.25,000/-, which was not considered excessive given that battery scrap falls under hazardous goods category. The appellant's claim of procuring the scrap locally could not be substantiated as used batteries cannot be freely traded per the Batteries (Management and Handling) Rules, 2001. The retraction of statements by co-noticees during adjudication was not given merit. The penalty on the appellant's accomplice, responsible for arranging invoices, was reduced to Rs.17,500/-. The appeal was partly allowed.
The CESTAT upheld the confiscation of 14200 kg of battery scrap of foreign origin which was smuggled through unauthorized routes from Nepal. The appellant was found to be the mastermind and penalized Rs.25,000/-, which was not considered excessive given that battery scrap falls under hazardous goods category. The appellant's claim of procuring the scrap locally could not be substantiated as used batteries cannot be freely traded per the Batteries (Management and Handling) Rules, 2001. The retraction of statements by co-noticees during adjudication was not given merit. The penalty on the appellant's accomplice, responsible for arranging invoices, was reduced to Rs.17,500/-. The appeal was partly allowed.
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