Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The CESTAT quashed the confiscation of Indian currency totaling Rs.78,00,000/- seized from appellants, holding that the Department failed to prove the currency constituted sale proceeds of smuggled gold, a necessary condition under Section 121 of the Customs Act, 1962. Consequently, the currency was ordered released. Penalties under Sections 112(a)(i) and 112(b)(ii) were upheld against appellants found in possession of gold with foreign markings without valid documentation, as per Section 123. However, penalties on appellants with no seized gold or evidence linking their currency to smuggled goods were set aside. The confiscation of a vehicle under Section 115(2) was also set aside due to lack of evidence of its use in smuggling, and the associated redemption fine was cancelled. The appeal was disposed of accordingly.
The CESTAT quashed the confiscation of Indian currency totaling Rs.78,00,000/- seized from appellants, holding that the Department failed to prove the currency constituted sale proceeds of smuggled gold, a necessary condition under Section 121 of the Customs Act, 1962. Consequently, the currency was ordered released. Penalties under Sections 112(a)(i) and 112(b)(ii) were upheld against appellants found in possession of gold with foreign markings without valid documentation, as per Section 123. However, penalties on appellants with no seized gold or evidence linking their currency to smuggled goods were set aside. The confiscation of a vehicle under Section 115(2) was also set aside due to lack of evidence of its use in smuggling, and the associated redemption fine was cancelled. The appeal was disposed of accordingly.
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