Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
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Revision under Section 263 was sustained because the assessing officer failed to investigate the precise source of cash deposits that constituted the immediate source of unsecured loans and partner capital; this absence of enquiry rendered the assessment erroneous and prejudicial to revenue, justifying setting aside the assessment. The determination clarifies that where equivalent cash deposits are the primary source of declared loans or capital, the AO must verify cash origin; failure to do so is a lack of enquiry (not merely inadequate enquiry). An audit objection may validly initiate revision proceedings depending on facts, and such proceedings can be upheld when enquiry lapses affect assessability.
Revision under Section 263 was sustained because the assessing officer failed to investigate the precise source of cash deposits that constituted the immediate source of unsecured loans and partner capital; this absence of enquiry rendered the assessment erroneous and prejudicial to revenue, justifying setting aside the assessment. The determination clarifies that where equivalent cash deposits are the primary source of declared loans or capital, the AO must verify cash origin; failure to do so is a lack of enquiry (not merely inadequate enquiry). An audit objection may validly initiate revision proceedings depending on facts, and such proceedings can be upheld when enquiry lapses affect assessability.
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