Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
The HC, deciding anticipatory bail applications filed by the petitioners accused of cartel-based smuggling of foreign currency and gold between India and a foreign jurisdiction, held that mere absence of immediate need for custodial interrogation cannot justify grant of anticipatory bail. The HC found a strong prima facie case indicating the petitioners' involvement in a larger smuggling cartel, involving concealment of foreign currency in checked-in baggage, conversion into gold abroad, and re-import into India. Observing that the identities and roles of other cartel members must be unearthed and that custodial interrogation is necessary for effective investigation, the HC found no merit in the petitions and dismissed them.
The HC, deciding anticipatory bail applications filed by the petitioners accused of cartel-based smuggling of foreign currency and gold between India and a foreign jurisdiction, held that mere absence of immediate need for custodial interrogation cannot justify grant of anticipatory bail. The HC found a strong prima facie case indicating the petitioners' involvement in a larger smuggling cartel, involving concealment of foreign currency in checked-in baggage, conversion into gold abroad, and re-import into India. Observing that the identities and roles of other cartel members must be unearthed and that custodial interrogation is necessary for effective investigation, the HC found no merit in the petitions and dismissed them.
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