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 seizure case involving gold, currency, and a vehicle. The Tribunal found insufficient evidence to prove smuggling, noting lack of foreign markings and the appellant's credible explanation of gold inheritance through a familial Wasiyatnama. The appellant demonstrated legitimate procurement of gold through an affidavit and historical documentation. Consequently, the Tribunal ruled against absolute confiscation of gold, foreign and Indian currency, and the vehicle. The investigative authority failed to establish reasonable belief of smuggling. The impugned order was set aside, the appeal was allowed, and all seized items were ordered to be released to the appellant without imposing any penalties.
CESTAT adjudicated a customs seizure case involving gold, currency, and a vehicle. The Tribunal found insufficient evidence to prove smuggling, noting lack of foreign markings and the appellant's credible explanation of gold inheritance through a familial Wasiyatnama. The appellant demonstrated legitimate procurement of gold through an affidavit and historical documentation. Consequently, the Tribunal ruled against absolute confiscation of gold, foreign and Indian currency, and the vehicle. The investigative authority failed to establish reasonable belief of smuggling. The impugned order was set aside, the appeal was allowed, and all seized items were ordered to be released to the appellant without imposing any penalties.
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TaxTMI 
TaxTMI 
of 4918 
