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...
CESTAT allowed the appeal against allegations of clandestine production and removal of sponge iron. Revenue's case relied solely on theoretical input-output ratios without corroborative evidence or independent plant study. Appellant's declared ratio (1:1.92 in 2008-09 to 1:1.87 in 2009-10) was not effectively rebutted. Revenue failed to establish clandestine removal of 11,542 MT through vehicle movements, buyer statements, or cash transaction records. The demand of Rs.1,42,845 was set aside as revenue-neutral since both units shared common balance sheet with eligible CENVAT credit. Extended period demand was time-barred absent evidence of suppression. Consequently, penalties on Managing Director were vacated.
CESTAT allowed the appeal against allegations of clandestine production and removal of sponge iron. Revenue's case relied solely on theoretical input-output ratios without corroborative evidence or independent plant study. Appellant's declared ratio (1:1.92 in 2008-09 to 1:1.87 in 2009-10) was not effectively rebutted. Revenue failed to establish clandestine removal of 11,542 MT through vehicle movements, buyer statements, or cash transaction records. The demand of Rs.1,42,845 was set aside as revenue-neutral since both units shared common balance sheet with eligible CENVAT credit. Extended period demand was time-barred absent evidence of suppression. Consequently, penalties on Managing Director were vacated.
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TaxTMI 
TaxTMI 
of 4918 
