Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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CESTAT dismissed the Revenue's appeals and upheld the Commissioner (Appeals)' order setting aside confiscation of foreign-marked gold, silver bullion and currency under Section 111 of the Customs Act, 1962. The Tribunal held that the noticees had produced purchase invoices, accounted entries, and a Chartered Accountant's certification evidencing lawful procurement and tax-paid nature of the gold and silver. Revenue failed to discharge the burden under Section 123 or to rebut the documentary and accounting evidence with any cogent material, relying instead on suspicion and past conduct of co-accused. CESTAT held that mere suspicion cannot replace proof and found no basis to treat the seized currency as sale proceeds of smuggled bullion.
CESTAT dismissed the Revenue's appeals and upheld the Commissioner (Appeals)' order setting aside confiscation of foreign-marked gold, silver bullion and currency under Section 111 of the Customs Act, 1962. The Tribunal held that the noticees had produced purchase invoices, accounted entries, and a Chartered Accountant's certification evidencing lawful procurement and tax-paid nature of the gold and silver. Revenue failed to discharge the burden under Section 123 or to rebut the documentary and accounting evidence with any cogent material, relying instead on suspicion and past conduct of co-accused. CESTAT held that mere suspicion cannot replace proof and found no basis to treat the seized currency as sale proceeds of smuggled bullion.
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