Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Reopening under s.148A(1) was challenged on the ground that the AO lacked "information which suggests that income chargeable to tax has escaped assessment" and instead undertook a roving inquiry based solely on consolidated debit and credit bank entries. The Court held that s.148A(1) permits only verification of such information available on the portal and does not authorize fishing inquiries, particularly when transactions were through banking channels and party-wise details were already available. As the notice and order were founded merely on consolidated bank entries without any further incriminating material, the AO exceeded jurisdiction; the writ petition was allowed. - HC
Reopening under s.148A(1) was challenged on the ground that the AO lacked "information which suggests that income chargeable to tax has escaped assessment" and instead undertook a roving inquiry based solely on consolidated debit and credit bank entries. The Court held that s.148A(1) permits only verification of such information available on the portal and does not authorize fishing inquiries, particularly when transactions were through banking channels and party-wise details were already available. As the notice and order were founded merely on consolidated bank entries without any further incriminating material, the AO exceeded jurisdiction; the writ petition was allowed. - HC
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