Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
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...
CESTAT allowed appeals in part regarding penalty under Section 112(b)(i) of Customs Act, 1962 for gold smuggling. Appellants were found carrying gold biscuits with foreign markings without licit purchase documents, claiming they acted as carriers for unidentified persons for monetary consideration. Revenue failed to prove appellants were ultimate beneficiaries of seized gold. Appellants did not contest absolute confiscation of gold and sought only penalty reduction. CESTAT held appellants were mere carriers, not actual beneficiaries, warranting lenient view. Considering circumstances and Revenue's failure to establish beneficial ownership, penalties reduced from Rs. 3,13,000 to Rs. 1,00,000 per appellant. Appeals disposed of with partial relief granted on penalty quantum while upholding confiscation.
CESTAT allowed appeals in part regarding penalty under Section 112(b)(i) of Customs Act, 1962 for gold smuggling. Appellants were found carrying gold biscuits with foreign markings without licit purchase documents, claiming they acted as carriers for unidentified persons for monetary consideration. Revenue failed to prove appellants were ultimate beneficiaries of seized gold. Appellants did not contest absolute confiscation of gold and sought only penalty reduction. CESTAT held appellants were mere carriers, not actual beneficiaries, warranting lenient view. Considering circumstances and Revenue's failure to establish beneficial ownership, penalties reduced from Rs. 3,13,000 to Rs. 1,00,000 per appellant. Appeals disposed of with partial relief granted on penalty quantum while upholding confiscation.
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