Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
HC rejected the petitioner's request to cross-examine witness statements in a smuggling case involving mis-declared Areca Nuts. The court found the petitioner had an active role in the import consignment, potentially being the mastermind. While acknowledging the penalty might be disproportionate, the HC permitted the petitioner to file an appeal before CESTAT with a pre-deposit of 7.5% of the penalty amount. The appeal will determine the petitioner's precise role and the appropriateness of the penalty, with potential full pre-deposit required if the original penalty is upheld.
HC rejected the petitioner's request to cross-examine witness statements in a smuggling case involving mis-declared Areca Nuts. The court found the petitioner had an active role in the import consignment, potentially being the mastermind. While acknowledging the penalty might be disproportionate, the HC permitted the petitioner to file an appeal before CESTAT with a pre-deposit of 7.5% of the penalty amount. The appeal will determine the petitioner's precise role and the appropriateness of the penalty, with potential full pre-deposit required if the original penalty is upheld.
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