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...
CESTAT adjudicated a customs duty and penalty case involving aircraft import exemption. The tribunal held that the exemption notification permits use of imported aircraft for both Non-Scheduled (Passenger) and Non-Scheduled (Charter) Services. The appellant's leasing of aircraft to other entities does not violate exemption conditions. The Commissioner's findings were deemed unsustainable, and the penalty imposed under sections 112 and 140 of the Customs Act was set aside. The tribunal allowed the customs appeals, effectively releasing the appellant from the disputed customs duty and penalties, and affirming a broader interpretation of the exemption notification's operational scope.
CESTAT adjudicated a customs duty and penalty case involving aircraft import exemption. The tribunal held that the exemption notification permits use of imported aircraft for both Non-Scheduled (Passenger) and Non-Scheduled (Charter) Services. The appellant's leasing of aircraft to other entities does not violate exemption conditions. The Commissioner's findings were deemed unsustainable, and the penalty imposed under sections 112 and 140 of the Customs Act was set aside. The tribunal allowed the customs appeals, effectively releasing the appellant from the disputed customs duty and penalties, and affirming a broader interpretation of the exemption notification's operational scope.
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TaxTMI 
TaxTMI 
of 4918 
