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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The CESTAT held that the short payment of CVD assessed on transaction value rather than RSP was approved by the Customs authorities prior to clearance, rendering the subsequent show cause notice unsustainable. The appellant did not suppress any material facts nor possess mens rea to evade duty. The penalty imposed on the appellant CHA was quashed due to lack of evidence of personal involvement or intent, and because the matter was one of legal interpretation rather than deliberate concealment. The show cause notice was also barred by limitation, as the extended period did not apply where facts were known at the time of clearance. Consequently, the penalty order was set aside and the appeal allowed.
The CESTAT held that the short payment of CVD assessed on transaction value rather than RSP was approved by the Customs authorities prior to clearance, rendering the subsequent show cause notice unsustainable. The appellant did not suppress any material facts nor possess mens rea to evade duty. The penalty imposed on the appellant CHA was quashed due to lack of evidence of personal involvement or intent, and because the matter was one of legal interpretation rather than deliberate concealment. The show cause notice was also barred by limitation, as the extended period did not apply where facts were known at the time of clearance. Consequently, the penalty order was set aside and the appeal allowed.
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TaxTMI 
TaxTMI 
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