Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The Tribunal held that since the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 were not followed, the goods cannot be considered prohibited, and consequently, cannot be absolutely confiscated. The valuation adopted by the Revenue by taking the price of original branded goods from an e-commerce site was incorrect as the goods were counterfeit. Since the goods were not liable for absolute confiscation and the enhancement of value by the department was unacceptable, the entire penalties imposed against all the appellants were set aside. The appeal was allowed.
The Tribunal held that since the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 were not followed, the goods cannot be considered prohibited, and consequently, cannot be absolutely confiscated. The valuation adopted by the Revenue by taking the price of original branded goods from an e-commerce site was incorrect as the goods were counterfeit. Since the goods were not liable for absolute confiscation and the enhancement of value by the department was unacceptable, the entire penalties imposed against all the appellants were set aside. The appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
