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 appeals and set aside the impugned order insofar as it ordered absolute confiscation of the seized firecrackers and imposed penalties on the appellants. The Bench held that the seizure was a town seizure within India, the goods were not notified under S.123 of the Customs Act, 1962, and the burden of proving foreign, smuggled origin squarely rested on Revenue. Revenue failed to adduce cogent evidence of Chinese origin, conducted no effective follow-up investigation, and did not make the godown owner a noticee. Denial of cross-examination under S.108 further violated principles of natural justice. Consequently, the proceedings were held unsustainable and all penalties on the anonymized appellants were vacated.
CESTAT allowed the appeals and set aside the impugned order insofar as it ordered absolute confiscation of the seized firecrackers and imposed penalties on the appellants. The Bench held that the seizure was a town seizure within India, the goods were not notified under S.123 of the Customs Act, 1962, and the burden of proving foreign, smuggled origin squarely rested on Revenue. Revenue failed to adduce cogent evidence of Chinese origin, conducted no effective follow-up investigation, and did not make the godown owner a noticee. Denial of cross-examination under S.108 further violated principles of natural justice. Consequently, the proceedings were held unsustainable and all penalties on the anonymized appellants were vacated.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
