Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
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The Income Tax Appellate Tribunal (ITAT) held that the assessee's transactions involving purchases and sales on a High Seas Sales (HSS) basis did not constitute speculative transactions. The ITAT observed that under the Act, the term "speculation" focuses on whether the transactions involve actual delivery, transfer, or settlement. In the assessee's case, the entire transaction involved a process where delivery of goods took place, evidenced by documents like the Bill of Lading, which was not disputed by the revenue authorities. The ITAT found that the assessee physically purchased goods from a foreign seller, sold them to an importer while on high seas, and the ultimate buyer took delivery by filing the bill of entry and complying with customs formalities. Since the factual sequence of events and documentary evidence regarding the ultimate delivery were not disputed, the ITAT concluded that the transactions did not amount to speculation. Consequently, the assessee's appeal was allowed.
The Income Tax Appellate Tribunal (ITAT) held that the assessee's transactions involving purchases and sales on a High Seas Sales (HSS) basis did not constitute speculative transactions. The ITAT observed that under the Act, the term "speculation" focuses on whether the transactions involve actual delivery, transfer, or settlement. In the assessee's case, the entire transaction involved a process where delivery of goods took place, evidenced by documents like the Bill of Lading, which was not disputed by the revenue authorities. The ITAT found that the assessee physically purchased goods from a foreign seller, sold them to an importer while on high seas, and the ultimate buyer took delivery by filing the bill of entry and complying with customs formalities. Since the factual sequence of events and documentary evidence regarding the ultimate delivery were not disputed, the ITAT concluded that the transactions did not amount to speculation. Consequently, the assessee's appeal was allowed.
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