Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
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...
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Imported network interface cards/communication modules were classifiable as "parts" under CTI 8517 70 90, not as machines under CTI 8517 62 90, because an article is not a "part" only if it can perform an independent individual function on a standalone basis; here the goods could not communicate or achieve the intended transmission function unless slotted/assembled and configured with other components, akin to parts that are functionally inseparable from the host apparatus, so the reclassification demand failed. Invocation of the extended limitation period was unsustainable because mere self-assessment and an alleged revenue-motivated classification did not establish willful misstatement or suppression on the facts, so the demand was time-barred; the impugned order was set aside and the appeal allowed. - CESTAT
Imported network interface cards/communication modules were classifiable as "parts" under CTI 8517 70 90, not as machines under CTI 8517 62 90, because an article is not a "part" only if it can perform an independent individual function on a standalone basis; here the goods could not communicate or achieve the intended transmission function unless slotted/assembled and configured with other components, akin to parts that are functionally inseparable from the host apparatus, so the reclassification demand failed. Invocation of the extended limitation period was unsustainable because mere self-assessment and an alleged revenue-motivated classification did not establish willful misstatement or suppression on the facts, so the demand was time-barred; the impugned order was set aside and the appeal allowed. - CESTAT
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