Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The HC allowed the writ petition filed by the importer-petitioner seeking refund of excess customs duty paid as 'Infra Cess' on imported golf carts. Holding that the goods were clearly covered by the exemption under Notification 1/2016-Infrastructure Cess, the HC ruled that the benefit of exemption ought to have been granted and the collected amount cannot be retained. Relying on the law that refund must follow proper re-assessment, the HC directed re-assessment of the relevant Bills of Entry within two months and issuance of consequential refund thereafter. The petition was disposed of accordingly.
The HC allowed the writ petition filed by the importer-petitioner seeking refund of excess customs duty paid as 'Infra Cess' on imported golf carts. Holding that the goods were clearly covered by the exemption under Notification 1/2016-Infrastructure Cess, the HC ruled that the benefit of exemption ought to have been granted and the collected amount cannot be retained. Relying on the law that refund must follow proper re-assessment, the HC directed re-assessment of the relevant Bills of Entry within two months and issuance of consequential refund thereafter. The petition was disposed of accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
