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...
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CESTAT allowed the appeal, holding that silicon steel scraps were correctly classifiable under CTH 7204 49 00 as waste and scrap. The tribunal rejected the revenue's alternative classification under CTH 7225 19 00, finding no basis for value redetermination from $400 to $650 per MT. The court determined that no misdeclaration occurred, BIS certification was inapplicable, and Para 2.17 of Foreign Trade Policy did not apply. Consequently, the goods were not liable for confiscation, and no penalties could be imposed. The impugned orders were set aside, vindicating the importer's original classification and transaction value.
CESTAT allowed the appeal, holding that silicon steel scraps were correctly classifiable under CTH 7204 49 00 as waste and scrap. The tribunal rejected the revenue's alternative classification under CTH 7225 19 00, finding no basis for value redetermination from $400 to $650 per MT. The court determined that no misdeclaration occurred, BIS certification was inapplicable, and Para 2.17 of Foreign Trade Policy did not apply. Consequently, the goods were not liable for confiscation, and no penalties could be imposed. The impugned orders were set aside, vindicating the importer's original classification and transaction value.
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