Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
CESTAT examined penalty provisions under Sections 112(a) and 114AA of Customs Act, 1962. The tribunal found no substantive evidence to support penalties against the customs broker. The broker had regularly filed Bills of Entry, possessed valid KYC documents, and facilitated customs transactions without demonstrable malafide intent. Critically, no proof established direct involvement in misdeclaration or undervaluation of imported goods. The revenue failed to establish intentional abetment or deliberate misconduct. Consequently, the tribunal set aside the impugned order, ruling that penalties cannot be imposed merely on suspicion or third-party actions when due diligence requirements have been met. The appeal was allowed, quashing both penalties under the challenged sections.
CESTAT examined penalty provisions under Sections 112(a) and 114AA of Customs Act, 1962. The tribunal found no substantive evidence to support penalties against the customs broker. The broker had regularly filed Bills of Entry, possessed valid KYC documents, and facilitated customs transactions without demonstrable malafide intent. Critically, no proof established direct involvement in misdeclaration or undervaluation of imported goods. The revenue failed to establish intentional abetment or deliberate misconduct. Consequently, the tribunal set aside the impugned order, ruling that penalties cannot be imposed merely on suspicion or third-party actions when due diligence requirements have been met. The appeal was allowed, quashing both penalties under the challenged sections.
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