Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Redetermination of transaction value and consequential duty demand/penalties on imported goods declared as processed coral waste was held unsustainable because the Department led no independent evidence to justify rejection of the declared invoice value or to support undervaluation, and did not rebut supplier invoices and declarations certifying description and value. Applying the principle that invoice value cannot be rejected arbitrarily without valid reasons, contemporaneous comparable import data, or other credible evidence, and noting that customs examination did not dispute the nature of goods, the demand and penalties were set aside and the appeal was allowed - CESTAT
Redetermination of transaction value and consequential duty demand/penalties on imported goods declared as processed coral waste was held unsustainable because the Department led no independent evidence to justify rejection of the declared invoice value or to support undervaluation, and did not rebut supplier invoices and declarations certifying description and value. Applying the principle that invoice value cannot be rejected arbitrarily without valid reasons, contemporaneous comparable import data, or other credible evidence, and noting that customs examination did not dispute the nature of goods, the demand and penalties were set aside and the appeal was allowed - CESTAT
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