Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
CESTAT allowed the appeal in part: it upheld the original rejection of the declared transaction value, the re-determination of assessable value and duty, and the order of confiscation under s.111(d) & (m) of the Customs Act, while reducing the redemption fine in lieu of confiscation under s.125 to Rs.26,50,000 and setting aside the penalty imposed under s.114A. The Tribunal found the appellant's claim of bona fide import under the EPCG scheme not implausible and noted absence of findings of invoice manipulation or wilful suppression; it further held that once duty as assessed was paid without a s.28(8) demand, imposition of s.114A penalty was untenable.
CESTAT allowed the appeal in part: it upheld the original rejection of the declared transaction value, the re-determination of assessable value and duty, and the order of confiscation under s.111(d) & (m) of the Customs Act, while reducing the redemption fine in lieu of confiscation under s.125 to Rs.26,50,000 and setting aside the penalty imposed under s.114A. The Tribunal found the appellant's claim of bona fide import under the EPCG scheme not implausible and noted absence of findings of invoice manipulation or wilful suppression; it further held that once duty as assessed was paid without a s.28(8) demand, imposition of s.114A penalty was untenable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
