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...
CESTAT allowed the appeal and set aside the impugned order. The tribunal held that, on the record, there is no sufficient evidence to establish that the goods imported by the appellant were not impregnating resin and hence outside the scope of DFIA relief. Although customs had earlier cleared the shipments as impregnation resin based on CRCL certification, the investigating agency did not obtain expert analysis from CLRI or CRCL of samples during the probe. In the absence of expert testing and other probative material, the show-cause notice and the demand of duty denying DFIA benefits, together with imposed penalties, could not be sustained and were quashed.
CESTAT allowed the appeal and set aside the impugned order. The tribunal held that, on the record, there is no sufficient evidence to establish that the goods imported by the appellant were not impregnating resin and hence outside the scope of DFIA relief. Although customs had earlier cleared the shipments as impregnation resin based on CRCL certification, the investigating agency did not obtain expert analysis from CLRI or CRCL of samples during the probe. In the absence of expert testing and other probative material, the show-cause notice and the demand of duty denying DFIA benefits, together with imposed penalties, could not be sustained and were quashed.
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TaxTMI 
TaxTMI 
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