Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Where the declared import values were substantially lower than contemporaneous values, the proper officer had reasonable doubt about the truth and accuracy of the transaction value, and rejection of the declared value was justified; the importer's online acceptance of such rejection was treated as voluntary, not coerced. Upon rejection, valuation was required to proceed under the Customs Valuation Rules by applying Rule 4 (identical goods) failing which Rule 5 (similar goods), and the re-determination based on similar goods under Rule 5 was upheld. However, since the importer had correctly declared the transaction value in the Bill of Entry and could not anticipate re-determination, confiscation under Section 111(m) was unwarranted; consequently, redemption fine and penalty under Section 112 were set aside. - CESTAT
Where the declared import values were substantially lower than contemporaneous values, the proper officer had reasonable doubt about the truth and accuracy of the transaction value, and rejection of the declared value was justified; the importer's online acceptance of such rejection was treated as voluntary, not coerced. Upon rejection, valuation was required to proceed under the Customs Valuation Rules by applying Rule 4 (identical goods) failing which Rule 5 (similar goods), and the re-determination based on similar goods under Rule 5 was upheld. However, since the importer had correctly declared the transaction value in the Bill of Entry and could not anticipate re-determination, confiscation under Section 111(m) was unwarranted; consequently, redemption fine and penalty under Section 112 were set aside. - CESTAT
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