Transfer pricing comparables and adjustments: Tribunal revisits loss-maker status, segmental comparability, working capital relief, and risk allocatio...
Business expenditure disallowance failed where commission, related-party salary and promotion payments were supported by records and inquiry was inade...
The CESTAT held that penalty under Section 114 of the Customs Act, 1962 is contingent upon confiscation of goods under Section 113. Since there was no confiscation of the exported goods, penalty under Section 114 could not be imposed. The appellant was neither involved in mis-declaration nor overvaluation of export goods, and the Revenue failed to produce evidence linking the appellant to any wrongdoing. The Tribunal relied on precedent where penalty was set aside in similar circumstances. Consequently, the penalty of Rs.4,50,000 imposed under Section 114 was quashed and the appeal was allowed.
The CESTAT held that penalty under Section 114 of the Customs Act, 1962 is contingent upon confiscation of goods under Section 113. Since there was no confiscation of the exported goods, penalty under Section 114 could not be imposed. The appellant was neither involved in mis-declaration nor overvaluation of export goods, and the Revenue failed to produce evidence linking the appellant to any wrongdoing. The Tribunal relied on precedent where penalty was set aside in similar circumstances. Consequently, the penalty of Rs.4,50,000 imposed under Section 114 was quashed and the appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
