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...
CESTAT set aside the penalty under Section 112(b) of the Customs Act, 1962 as against Appellant No. 1, holding that the record contains no direct evidence linking him to the alleged smuggling and that investigative witnesses material to the Panchanama were either not present throughout the operation or were not produced for cross-examination. The tribunal also found breach of principles of natural justice with respect to Appellant No. 2 due to failure to procure Panch witnesses for cross-examination and insufficient evidence of possession of the seized gold. Consequently, the penalty on Appellant No. 2 was reduced from Rs.75,00,000 to Rs.10,00,000 and the impugned order as to penalties was otherwise modified and the appeal disposed.
CESTAT set aside the penalty under Section 112(b) of the Customs Act, 1962 as against Appellant No. 1, holding that the record contains no direct evidence linking him to the alleged smuggling and that investigative witnesses material to the Panchanama were either not present throughout the operation or were not produced for cross-examination. The tribunal also found breach of principles of natural justice with respect to Appellant No. 2 due to failure to procure Panch witnesses for cross-examination and insufficient evidence of possession of the seized gold. Consequently, the penalty on Appellant No. 2 was reduced from Rs.75,00,000 to Rs.10,00,000 and the impugned order as to penalties was otherwise modified and the appeal disposed.
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TaxTMI 
TaxTMI 
of 4918 
