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 CESTAT held that the customs authorities lacked the legal authority to impose duty liability or confiscate the salvage equipment imported for the MSC Chitra incident. The Customs Act, 1962 provisions for duty assessment and levy are subject to maritime laws governing transit of vessels in distress. As the imported goods were used for salvaging the foreign-going vessel under customs approval, invoking Sections 28, 111(n), 111(o), 114A, and 114AA of the Customs Act to demand duty, confiscation, and penalties was without merit. Consequently, the appeals were allowed, and the impugned orders were set aside.
The CESTAT held that the customs authorities lacked the legal authority to impose duty liability or confiscate the salvage equipment imported for the MSC Chitra incident. The Customs Act, 1962 provisions for duty assessment and levy are subject to maritime laws governing transit of vessels in distress. As the imported goods were used for salvaging the foreign-going vessel under customs approval, invoking Sections 28, 111(n), 111(o), 114A, and 114AA of the Customs Act to demand duty, confiscation, and penalties was without merit. Consequently, the appeals were allowed, and the impugned orders were set aside.
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