Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
CESTAT allowed the appeal of M/s X against customs demand under the EPCG scheme, holding that issuance of EODCs by DGFT was determinative of fulfilment of export obligation for the three imported cars. The Bench distinguished the Surya Samudra precedent, noting that, unlike in that case, the vehicles were not transferred and remained with the appellant, and that registration as commercial vehicles was not a pre-condition under the relevant notification for imports made in 2001-2003. CESTAT accepted that foreign exchange earned from tour and travel-related services, including commissions and fees, satisfied the export obligation, supported by logbooks evidencing tourism use of the cars. As the Department produced no contrary evidence, the impugned order was set aside and all consequential demands and penalties were quashed.
CESTAT allowed the appeal of M/s X against customs demand under the EPCG scheme, holding that issuance of EODCs by DGFT was determinative of fulfilment of export obligation for the three imported cars. The Bench distinguished the Surya Samudra precedent, noting that, unlike in that case, the vehicles were not transferred and remained with the appellant, and that registration as commercial vehicles was not a pre-condition under the relevant notification for imports made in 2001-2003. CESTAT accepted that foreign exchange earned from tour and travel-related services, including commissions and fees, satisfied the export obligation, supported by logbooks evidencing tourism use of the cars. As the Department produced no contrary evidence, the impugned order was set aside and all consequential demands and penalties were quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
