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 allowed the appeal and set aside a Rs.3,00,000 penalty imposed under s.112(b) of the Customs Act, 1962. The Tribunal held the appellant was neither owner nor party concerned with carriage or concealment of the foreign-origin garments, which were not covered by s.123 nor notified under s.11. The goods had been subjected to statutory physical examination, cleared on examination, and lawful possession and sale were supported by invoices, GST returns and Bills of Entry; ownership had transferred on sale. The Tribunal found no basis for imposition of s.112(b) penalty on the appellant and quashed the levy; appeal allowed.
CESTAT allowed the appeal and set aside a Rs.3,00,000 penalty imposed under s.112(b) of the Customs Act, 1962. The Tribunal held the appellant was neither owner nor party concerned with carriage or concealment of the foreign-origin garments, which were not covered by s.123 nor notified under s.11. The goods had been subjected to statutory physical examination, cleared on examination, and lawful possession and sale were supported by invoices, GST returns and Bills of Entry; ownership had transferred on sale. The Tribunal found no basis for imposition of s.112(b) penalty on the appellant and quashed the levy; appeal allowed.
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