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...
Interpretation of HSN explanatory notes determined that ethylbenzene is not an isomer of xylene and therefore its weight cannot be aggregated with dimethylbenzenes to meet the 95% threshold for classification under Chapter 29.02; consequence: product properly classifiable under tariff entry 2707 30 00. On limitation and penalty, the appellant's bona fide classification under subheading 29024400 precluded a finding of suppression or intent to evade duty, so invocation of the extended period of limitation was unsustainable while demand for the normal limitation period with interest was confirmed and penalty under section 11AC was set aside.
Interpretation of HSN explanatory notes determined that ethylbenzene is not an isomer of xylene and therefore its weight cannot be aggregated with dimethylbenzenes to meet the 95% threshold for classification under Chapter 29.02; consequence: product properly classifiable under tariff entry 2707 30 00. On limitation and penalty, the appellant's bona fide classification under subheading 29024400 precluded a finding of suppression or intent to evade duty, so invocation of the extended period of limitation was unsustainable while demand for the normal limitation period with interest was confirmed and penalty under section 11AC was set aside.
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