Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
CESTAT held that scrips/licences procured by the original licence-holder through misrepresentation, but subsequently transferred to innocent transferee importers, remain valid for discharge of customs duty or claim of exemption at import if the licensing authority had not cancelled the instrument prior to importation. The Tribunal rejected application of a broad "fraud vitiates everything" principle to defeat bona fide transferees' rights where statutory cancellation had not occurred. Consequently, the primary legal issue favored the appellants; consequential contentions regarding duty demands, interest, extended limitation and penalties were rendered moot and not adjudicated. The impugned order was set aside and the appeal allowed.
CESTAT held that scrips/licences procured by the original licence-holder through misrepresentation, but subsequently transferred to innocent transferee importers, remain valid for discharge of customs duty or claim of exemption at import if the licensing authority had not cancelled the instrument prior to importation. The Tribunal rejected application of a broad "fraud vitiates everything" principle to defeat bona fide transferees' rights where statutory cancellation had not occurred. Consequently, the primary legal issue favored the appellants; consequential contentions regarding duty demands, interest, extended limitation and penalties were rendered moot and not adjudicated. The impugned order was set aside and the appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
