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 held that the re-assessment of Shipping Bills was unauthorized. The exporter's classification of goods based on understanding and consistent with prior approvals does not constitute a false declaration. DRI's differing interpretation does not render the shipping bills incorrect or fraudulent. No obligation exists for exporters to anticipate future classification views of revenue authorities. Penalties under sections 114 and 114AA cannot be imposed merely due to divergent classification perspectives. No evidence of collusion or misstatement was found regarding MEIS scrips. The tribunal set aside the impugned order, allowed the assessee's appeal, dismissed revenue's appeal, and granted consequential relief.
CESTAT held that the re-assessment of Shipping Bills was unauthorized. The exporter's classification of goods based on understanding and consistent with prior approvals does not constitute a false declaration. DRI's differing interpretation does not render the shipping bills incorrect or fraudulent. No obligation exists for exporters to anticipate future classification views of revenue authorities. Penalties under sections 114 and 114AA cannot be imposed merely due to divergent classification perspectives. No evidence of collusion or misstatement was found regarding MEIS scrips. The tribunal set aside the impugned order, allowed the assessee's appeal, dismissed revenue's appeal, and granted consequential relief.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
