Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The CESTAT held that Section 28AAA of the Customs Act, 1962, invoked by the Revenue for recovery of duty foregone, requires establishing collusion, willful misrepresentation or suppression of facts at the time of obtaining the instrument for exemption. Mere non-repatriation of export proceeds does not automatically erase eligibility for exemption. The Tribunal found no evidence of the required ingredients u/s 28AAA to justify recovery of duty foregone or cancellation of bank realization certificates. The alleged mis-declaration of goods did not warrant confiscation u/s 113(d) as the goods were not prohibited for export. The demands for recovery of drawback, duty foregone, and confiscation of goods were quashed. Penalties imposed on individuals were also set aside due to lack of sustainable grounds. The Tribunal dismissed the Revenue's appeals and allowed the appeals of exporters and individuals.
The CESTAT held that Section 28AAA of the Customs Act, 1962, invoked by the Revenue for recovery of duty foregone, requires establishing collusion, willful misrepresentation or suppression of facts at the time of obtaining the instrument for exemption. Mere non-repatriation of export proceeds does not automatically erase eligibility for exemption. The Tribunal found no evidence of the required ingredients u/s 28AAA to justify recovery of duty foregone or cancellation of bank realization certificates. The alleged mis-declaration of goods did not warrant confiscation u/s 113(d) as the goods were not prohibited for export. The demands for recovery of drawback, duty foregone, and confiscation of goods were quashed. Penalties imposed on individuals were also set aside due to lack of sustainable grounds. The Tribunal dismissed the Revenue's appeals and allowed the appeals of exporters and individuals.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
