Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
CESTAT ruled in favor of appellant regarding import of contaminated Shell on Shrimps under Notification 32/1997-Cus. Though goods were found unsuitable for export due to Nitrofuran Metabolite AHD contamination, appellant had demonstrated compliance with Rule 8 of Customs Rules by subjecting goods to job work with clear export intent. Following precedent from BPL Display Devices Ltd case, tribunal held that customs duty cannot be demanded when goods become unfit due to unforeseen circumstances, provided importer had no intention to divert goods for other purposes. Appellant's request for goods destruction rather than disposal evidenced genuine export intent. Appeal allowed with no duty liability imposed.
CESTAT ruled in favor of appellant regarding import of contaminated Shell on Shrimps under Notification 32/1997-Cus. Though goods were found unsuitable for export due to Nitrofuran Metabolite AHD contamination, appellant had demonstrated compliance with Rule 8 of Customs Rules by subjecting goods to job work with clear export intent. Following precedent from BPL Display Devices Ltd case, tribunal held that customs duty cannot be demanded when goods become unfit due to unforeseen circumstances, provided importer had no intention to divert goods for other purposes. Appellant's request for goods destruction rather than disposal evidenced genuine export intent. Appeal allowed with no duty liability imposed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
