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 allowed the appeal regarding seizure of six gold bars weighing 499.17 grams from appellant's possession at Guwahati Railway Station. The tribunal held that 99.5% purity alone cannot establish foreign origin without corroborative evidence. Since this was a town seizure, Section 123 presumption was inapplicable, placing burden on department to prove smuggling. Department failed to establish foreign origin or smuggled nature with evidence. Appellant provided documentary proof of domestic purchase from M/s. Nirmala Trading Company and demonstrated internal transfer between business units. Minor variations in employee statements could not override documentary evidence of licit purchase. Confiscation order and penalty of Rs.1,60,000 under Section 112(b)(i) of Customs Act, 1962 were set aside due to established domestic purchase.
CESTAT allowed the appeal regarding seizure of six gold bars weighing 499.17 grams from appellant's possession at Guwahati Railway Station. The tribunal held that 99.5% purity alone cannot establish foreign origin without corroborative evidence. Since this was a town seizure, Section 123 presumption was inapplicable, placing burden on department to prove smuggling. Department failed to establish foreign origin or smuggled nature with evidence. Appellant provided documentary proof of domestic purchase from M/s. Nirmala Trading Company and demonstrated internal transfer between business units. Minor variations in employee statements could not override documentary evidence of licit purchase. Confiscation order and penalty of Rs.1,60,000 under Section 112(b)(i) of Customs Act, 1962 were set aside due to established domestic purchase.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
