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...
CESTAT upheld absolute confiscation of 19 foreign-marked gold coins/bars and imposition of penalty under s.112(b)(i) of the Customs Act, 1962 on the appellant and its two partners. The Tribunal held that, as the seized goods were recovered from the appellant's possession and bore foreign markings, the statutory burden under s.123 lay on the appellant to prove lawful ownership and licit acquisition. The plea that the coins were 15-20 years old and used for worship was unsupported by any evidence. Finding no infirmity in the adjudication, the appeal was dismissed.
CESTAT upheld absolute confiscation of 19 foreign-marked gold coins/bars and imposition of penalty under s.112(b)(i) of the Customs Act, 1962 on the appellant and its two partners. The Tribunal held that, as the seized goods were recovered from the appellant's possession and bore foreign markings, the statutory burden under s.123 lay on the appellant to prove lawful ownership and licit acquisition. The plea that the coins were 15-20 years old and used for worship was unsupported by any evidence. Finding no infirmity in the adjudication, the appeal was dismissed.
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