Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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The HC reversed the Tribunal's order regarding unexplained cash credits under Section 68, finding that the Tribunal had adopted a casual approach by merely following earlier orders without proper reasoning. The Court held that if the assessee fails to explain beneficiaries' identity, the entire amount should be added under Section 68, not just 0.15% as commission. The Court criticized the assessee's claim of providing accommodation entries without maintaining beneficiary details, noting this was implausible since the assessee must know withdrawal recipients. The Court directed ICAI to investigate professional misconduct by the CA involved and suggested PMLA authorities investigate potential money laundering. The HC maintained the 0.15% commission rate for identified credits only.
The HC reversed the Tribunal's order regarding unexplained cash credits under Section 68, finding that the Tribunal had adopted a casual approach by merely following earlier orders without proper reasoning. The Court held that if the assessee fails to explain beneficiaries' identity, the entire amount should be added under Section 68, not just 0.15% as commission. The Court criticized the assessee's claim of providing accommodation entries without maintaining beneficiary details, noting this was implausible since the assessee must know withdrawal recipients. The Court directed ICAI to investigate professional misconduct by the CA involved and suggested PMLA authorities investigate potential money laundering. The HC maintained the 0.15% commission rate for identified credits only.
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