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 upheld duty demands against the appellant for intentional undervaluation of transaction and retail sale prices. The tribunal found deliberate evasion of basic customs duty through submission of fraudulent invoices with artificially lowered values. Evidence from overseas investigations confirmed the appellant obtained two sets of invoices - one for actual transaction and another for customs purposes. The tribunal validated the department's findings of mis-declaration, confirmed the duty demand, upheld goods confiscation under section 111 of Customs Act, and imposed penalties under sections 114A and 112. All appellant appeals were consequently dismissed.
CESTAT upheld duty demands against the appellant for intentional undervaluation of transaction and retail sale prices. The tribunal found deliberate evasion of basic customs duty through submission of fraudulent invoices with artificially lowered values. Evidence from overseas investigations confirmed the appellant obtained two sets of invoices - one for actual transaction and another for customs purposes. The tribunal validated the department's findings of mis-declaration, confirmed the duty demand, upheld goods confiscation under section 111 of Customs Act, and imposed penalties under sections 114A and 112. All appellant appeals were consequently dismissed.
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