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 adjudication: the confiscation of the imported stainless steel scrap, the redemption fine and the penalty under s.112(a) were quashed. The Tribunal held that absence of DGFT notification of a Turkish pre-shipment inspection agency does not legally prohibit imports from Turkey and the Customs/FTDR statutes do not permit inferring illegality solely from non-notification. Where goods may prima facie fall within s.111 categories, confiscation remains a discretionary remedy for the Adjudicating Authority; here the contravention of the Foreign Trade Policy was characterized as a technical breach not warranting forfeiture or monetary penalties, and the appellant's relief was accordingly granted.
CESTAT allowed the appeal and set aside the impugned adjudication: the confiscation of the imported stainless steel scrap, the redemption fine and the penalty under s.112(a) were quashed. The Tribunal held that absence of DGFT notification of a Turkish pre-shipment inspection agency does not legally prohibit imports from Turkey and the Customs/FTDR statutes do not permit inferring illegality solely from non-notification. Where goods may prima facie fall within s.111 categories, confiscation remains a discretionary remedy for the Adjudicating Authority; here the contravention of the Foreign Trade Policy was characterized as a technical breach not warranting forfeiture or monetary penalties, and the appellant's relief was accordingly granted.
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