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...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
The Tribunal allowed the appeal by way of remand. The appellant was not entitled to the benefit of the fifth proviso to Rule 10 of the Customs Valuation Rules, 2007 regarding inclusion of air freight up to 20% of FOB value in the assessable value. The Tribunal held that the amount shown as 'Add.Recov.Freight' in the invoices represented the air freight incurred by the appellant. Since the invoices were raised on CPT basis, the CPT value was considered the de facto FOB value. The addition of 'Add.Recov.Freight' amount in the assessable value was restricted to 20% of the CPT value. The matter was remanded to the original authority for re-determining the duty payable on all Bills of Entry accordingly.
The Tribunal allowed the appeal by way of remand. The appellant was not entitled to the benefit of the fifth proviso to Rule 10 of the Customs Valuation Rules, 2007 regarding inclusion of air freight up to 20% of FOB value in the assessable value. The Tribunal held that the amount shown as 'Add.Recov.Freight' in the invoices represented the air freight incurred by the appellant. Since the invoices were raised on CPT basis, the CPT value was considered the de facto FOB value. The addition of 'Add.Recov.Freight' amount in the assessable value was restricted to 20% of the CPT value. The matter was remanded to the original authority for re-determining the duty payable on all Bills of Entry accordingly.
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