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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
CESTAT partly allowed appeal concerning duty demands on DTA sales by SEZ unit. Court held Commissioner of Customs has jurisdiction to demand duty on unauthorized DTA clearances, as SEZ is considered outside customs territory only for authorized operations. Extended period invocation under Customs Act s.28(4) upheld due to willful misstatement in claiming ineligible exemption. Basic customs duty and additional duty demands sustained as appellant failed to meet manufacturing condition under Notification 12/2012-Cus. Penalty under s.114AA set aside due to absence of factual misdeclaration, while s.114A penalty maintained. Matter remanded for SAD determination based on state tax exemption status. Appeal by Prestige partially allowed regarding penalty, partially rejected on duty demands, and partially remanded for SAD reassessment.
CESTAT partly allowed appeal concerning duty demands on DTA sales by SEZ unit. Court held Commissioner of Customs has jurisdiction to demand duty on unauthorized DTA clearances, as SEZ is considered outside customs territory only for authorized operations. Extended period invocation under Customs Act s.28(4) upheld due to willful misstatement in claiming ineligible exemption. Basic customs duty and additional duty demands sustained as appellant failed to meet manufacturing condition under Notification 12/2012-Cus. Penalty under s.114AA set aside due to absence of factual misdeclaration, while s.114A penalty maintained. Matter remanded for SAD determination based on state tax exemption status. Appeal by Prestige partially allowed regarding penalty, partially rejected on duty demands, and partially remanded for SAD reassessment.
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