Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
CESTAT held that the record fails to establish the foreign origin or smuggled character of seized gold recovered from domestic premises, and the seizure lacked the necessary subjective satisfaction and contemporaneous material to justify a reasonable belief of smuggling. Consequently, Section 123's reverse onus is inapplicable until the Revenue first proves foreign origin; the onus therefore remained on the Department, which it did not discharge. In absence of proof that the gold constituted prohibited imports, confiscation and penalties under Section 112(b) could not be sustained. The Commissioner (Appeals) correctly set aside confiscation and penalties, and the Revenue's appeals were dismissed.
CESTAT held that the record fails to establish the foreign origin or smuggled character of seized gold recovered from domestic premises, and the seizure lacked the necessary subjective satisfaction and contemporaneous material to justify a reasonable belief of smuggling. Consequently, Section 123's reverse onus is inapplicable until the Revenue first proves foreign origin; the onus therefore remained on the Department, which it did not discharge. In absence of proof that the gold constituted prohibited imports, confiscation and penalties under Section 112(b) could not be sustained. The Commissioner (Appeals) correctly set aside confiscation and penalties, and the Revenue's appeals were dismissed.
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