Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
CESTAT upheld the Commissioner's rejection of the declared transaction value under Valuation Rule 12 as based on reasonable doubt, ordered sequential re-determination under Valuation Rules 3-9 with reliance on the recovered invoice data, but set aside the Commissioner's addition under Valuation Rule 10(2) (freight/insurance) because the records did not prove FOB pricing and the imported values were to be treated as CIF. Section 138C certification was not requisite for reliance on the printed Excel material in these circumstances. The confirmed duties are to be recomputed accordingly; penalty under s.114A must be recalculated, while the s.114AA penalty (Rs.50,00,000) was sustained as not excessive. Appeal allowed in part.
CESTAT upheld the Commissioner's rejection of the declared transaction value under Valuation Rule 12 as based on reasonable doubt, ordered sequential re-determination under Valuation Rules 3-9 with reliance on the recovered invoice data, but set aside the Commissioner's addition under Valuation Rule 10(2) (freight/insurance) because the records did not prove FOB pricing and the imported values were to be treated as CIF. Section 138C certification was not requisite for reliance on the printed Excel material in these circumstances. The confirmed duties are to be recomputed accordingly; penalty under s.114A must be recalculated, while the s.114AA penalty (Rs.50,00,000) was sustained as not excessive. Appeal allowed in part.
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