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 key holdings were: 1) Since the goods (areca nuts) were absolutely confiscated, the demand for duty on the appellants is unsustainable. 2) Penalty u/s 114A of the Customs Act, 1962 is not attracted as there was no case of paper transactions without actual import of goods. 3) Penalty imposed on the individual partners of the appellant firm is set aside, relying on a Gujarat High Court decision that separate penalty cannot be imposed on partners once the firm has been penalized. Consequently, all appeals filed by the appellants were allowed.
The key holdings were: 1) Since the goods (areca nuts) were absolutely confiscated, the demand for duty on the appellants is unsustainable. 2) Penalty u/s 114A of the Customs Act, 1962 is not attracted as there was no case of paper transactions without actual import of goods. 3) Penalty imposed on the individual partners of the appellant firm is set aside, relying on a Gujarat High Court decision that separate penalty cannot be imposed on partners once the firm has been penalized. Consequently, all appeals filed by the appellants were allowed.
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