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 allowed the appeal and set aside seizure, confiscation under s.111(d) of the Customs Act and the imposition of redemption fine and related penalty, holding that the importer acted with bona fide belief in declaring transaction value, responded to EDI queries and paid duties demanded under the DGFT notification while challenges to that notification were pending. The Tribunal found the matter to be one of reassessment of the bill of entry where no malafide or evasion was established and the adjudicating authority failed to record sufficient reasons for confiscation and redemption fine. Consequential orders imposing forfeiture and fines are quashed.
CESTAT allowed the appeal and set aside seizure, confiscation under s.111(d) of the Customs Act and the imposition of redemption fine and related penalty, holding that the importer acted with bona fide belief in declaring transaction value, responded to EDI queries and paid duties demanded under the DGFT notification while challenges to that notification were pending. The Tribunal found the matter to be one of reassessment of the bill of entry where no malafide or evasion was established and the adjudicating authority failed to record sufficient reasons for confiscation and redemption fine. Consequential orders imposing forfeiture and fines are quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
