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 upheld rejection of the declared value and classification of imported quilted bed spreads, relying on the appellant's admitted misdeclaration, misclassification and undervaluation. The goods were rightly held liable to confiscation under s.111(m) read with s.118 of the Customs Act, 1962. However, considering that the Bills of Entry were filed on the basis of documents received from the foreign supplier and there was no allegation of manipulation of documents by the appellant, the penalty under s.114AA was set aside. The redemption fine was found excessive and reduced from Rs.5 lakhs to Rs.2.5 lakhs. Appeal partly allowed.
CESTAT upheld rejection of the declared value and classification of imported quilted bed spreads, relying on the appellant's admitted misdeclaration, misclassification and undervaluation. The goods were rightly held liable to confiscation under s.111(m) read with s.118 of the Customs Act, 1962. However, considering that the Bills of Entry were filed on the basis of documents received from the foreign supplier and there was no allegation of manipulation of documents by the appellant, the penalty under s.114AA was set aside. The redemption fine was found excessive and reduced from Rs.5 lakhs to Rs.2.5 lakhs. Appeal partly allowed.
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