ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
CESTAT dismissed the appeal and upheld a Rs.5,00,000 penalty imposed under s.112, Customs Act, arising from importation of 2 GB SD memory cards with undervalued invoices resulting in substantial duty evasion. The Tribunal found the appellant undisputedly aware of and instrumental in the undervaluation scheme: he managed electronic communications (e-mail/WhatsApp), transmitted invoices, and acted on instructions for parallel invoicing while his illiterate relative was identified as the mastermind. Given the appellant's active participation and pivotal role in facilitating under-invoicing and evasion, the CESTAT concluded there was no basis to interfere with the penalty order, and the appeal was dismissed.
CESTAT dismissed the appeal and upheld a Rs.5,00,000 penalty imposed under s.112, Customs Act, arising from importation of 2 GB SD memory cards with undervalued invoices resulting in substantial duty evasion. The Tribunal found the appellant undisputedly aware of and instrumental in the undervaluation scheme: he managed electronic communications (e-mail/WhatsApp), transmitted invoices, and acted on instructions for parallel invoicing while his illiterate relative was identified as the mastermind. Given the appellant's active participation and pivotal role in facilitating under-invoicing and evasion, the CESTAT concluded there was no basis to interfere with the penalty order, and the appeal was dismissed.
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