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 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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TaxTMI 
TaxTMI 
of 4918 
