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...
SC held that the encashment of bank guarantees does not constitute payment of customs duty under Section 27 of the Customs Act. The respondents arbitrarily encashed bank guarantees without legal authorization, which constitutes unjust retention of funds. The Court directed immediate refund of the encashed amounts with 6% interest from the date of encashment, to be repaid within four months. The impugned High Court judgment was set aside, and the appeals were allowed without cost, affirming that the respondents had no legal right to retain the appellant's funds.
SC held that the encashment of bank guarantees does not constitute payment of customs duty under Section 27 of the Customs Act. The respondents arbitrarily encashed bank guarantees without legal authorization, which constitutes unjust retention of funds. The Court directed immediate refund of the encashed amounts with 6% interest from the date of encashment, to be repaid within four months. The impugned High Court judgment was set aside, and the appeals were allowed without cost, affirming that the respondents had no legal right to retain the appellant's funds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
