Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Penalty under section 112(ii) of the Customs Act was in issue for alleged violation of conditions of duty-free gold import under the "Export Against Supply by Nominated Agencies" scheme. The Tribunal held that default would arise only upon failure to complete exports within the prescribed FTP/HBP timelines and furnish supporting evidence; here, customs cancelled the importer's bonds after due verification of exports based on shipping bill EP copy, BRC and customs-attested invoices. The shortfall quantity, for which export proof was unavailable, was regularised by payment of duty with interest, evidencing compliance with the exemption framework. Accordingly, no contravention of the exemption notification was established and penalty was not sustainable; the appeal was dismissed. - CESTAT
Penalty under section 112(ii) of the Customs Act was in issue for alleged violation of conditions of duty-free gold import under the "Export Against Supply by Nominated Agencies" scheme. The Tribunal held that default would arise only upon failure to complete exports within the prescribed FTP/HBP timelines and furnish supporting evidence; here, customs cancelled the importer's bonds after due verification of exports based on shipping bill EP copy, BRC and customs-attested invoices. The shortfall quantity, for which export proof was unavailable, was regularised by payment of duty with interest, evidencing compliance with the exemption framework. Accordingly, no contravention of the exemption notification was established and penalty was not sustainable; the appeal was dismissed. - CESTAT
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