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...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
The CESTAT set aside the confiscation of seized gold and penalty imposed on appellants for smuggling, holding that the Department failed to establish reasonable belief under Section 123 of the Customs Act, 1962. The appellants demonstrated a preponderance of probability that the gold was lawfully procured, supported by income evidence and CA certification. The Department's reliance on statements without producing seized gold or allowing cross-examination of punch witnesses violated principles of natural justice. The Tribunal found the appellants' denial of knowledge about the gold's foreign origin credible, as the gold was received in sealed packets and the Department failed to produce material evidence of foreign markings. Consequently, the confiscation and penalties were quashed, and the appeals were allowed.
The CESTAT set aside the confiscation of seized gold and penalty imposed on appellants for smuggling, holding that the Department failed to establish reasonable belief under Section 123 of the Customs Act, 1962. The appellants demonstrated a preponderance of probability that the gold was lawfully procured, supported by income evidence and CA certification. The Department's reliance on statements without producing seized gold or allowing cross-examination of punch witnesses violated principles of natural justice. The Tribunal found the appellants' denial of knowledge about the gold's foreign origin credible, as the gold was received in sealed packets and the Department failed to produce material evidence of foreign markings. Consequently, the confiscation and penalties were quashed, and the appeals were allowed.
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