Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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The HC allowed the appeal and set aside the addition of Rs.25,00,000 made by the AO and upheld by the CIT(A) and the Tribunal, concluding the estimation lacked any material or rational basis. The court found no justification to infer undisclosed sales or suppress books where purchases and sales were duly recorded and the purchase price rose due to foreign exchange movements. The AO's conclusion of a dip in gross profit, based on the fact that approximately 95% of sales were to a related concern, was unsupported by comparative data from like business periods; the Tribunal's contrary finding was characterized as perverse. Relief granted to the assessee; addition deleted.
The HC allowed the appeal and set aside the addition of Rs.25,00,000 made by the AO and upheld by the CIT(A) and the Tribunal, concluding the estimation lacked any material or rational basis. The court found no justification to infer undisclosed sales or suppress books where purchases and sales were duly recorded and the purchase price rose due to foreign exchange movements. The AO's conclusion of a dip in gross profit, based on the fact that approximately 95% of sales were to a related concern, was unsupported by comparative data from like business periods; the Tribunal's contrary finding was characterized as perverse. Relief granted to the assessee; addition deleted.
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