Confiscation and duty recovery quashed where licensing records show export obligation discharged; customs lacks jurisdiction absent licence annulment ...
FOB is Incoterm reflecting exporter's transaction value; declared shipping bill value not automatically confiscable under s.113(i), s.125, ss.114(i) a...
ITAT held that the Assessing Officer failed to comply with statutory prerequisites for initiating proceedings under s.153C: no independent satisfaction was recorded that seized documents did not belong to the person from whose possession they were seized, and no separate per-assessment-year satisfactions were recorded for the assessee, the AO having relied on a single consolidated satisfaction note covering multiple entities. Further, no draft assessment was issued as required by s.144C(1). Consequent assessments premised on the defective s.153C exercise were vitiated. ITAT upheld the CIT(A)'s order setting aside the final assessments and restored relief to the assessee.
ITAT held that the Assessing Officer failed to comply with statutory prerequisites for initiating proceedings under s.153C: no independent satisfaction was recorded that seized documents did not belong to the person from whose possession they were seized, and no separate per-assessment-year satisfactions were recorded for the assessee, the AO having relied on a single consolidated satisfaction note covering multiple entities. Further, no draft assessment was issued as required by s.144C(1). Consequent assessments premised on the defective s.153C exercise were vitiated. ITAT upheld the CIT(A)'s order setting aside the final assessments and restored relief to the assessee.
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