Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The primary issue was whether penalties under s.114AA, s.158(2), s.117 and Reg.12(8) could be imposed for generation of dummy export documents; the tribunal found the documents were produced bona fide for internal calculation and there was no evidence they were used in any customs transaction nor that appellants acted knowingly or fraudulently, so s.114AA (penalty for knowingly making false material) did not apply - penalty under s.158(2) was inapplicable as it is merely enabling and not penal; s.117 (residuary) could not be invoked where specific penalties were concurrently imposed; Reg.12(8) penalty likewise unwarranted; impugned order set aside and appeals allowed. - CESTAT
The primary issue was whether penalties under s.114AA, s.158(2), s.117 and Reg.12(8) could be imposed for generation of dummy export documents; the tribunal found the documents were produced bona fide for internal calculation and there was no evidence they were used in any customs transaction nor that appellants acted knowingly or fraudulently, so s.114AA (penalty for knowingly making false material) did not apply - penalty under s.158(2) was inapplicable as it is merely enabling and not penal; s.117 (residuary) could not be invoked where specific penalties were concurrently imposed; Reg.12(8) penalty likewise unwarranted; impugned order set aside and appeals allowed. - CESTAT
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