Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Revision under section 263 was upheld because the assessing officer failed to conduct at least a prima facie inquiry into whether penalty proceedings under section 271AAC(1) should be initiated after declaring income under provisions for unexplained income. The tribunal held that determination of unexplained income alone does not ipso facto dispense with inquiry into compliance or infractions; absence of any prima facie finding on penalty renders the assessment order erroneous and prejudicial to revenue, justifying revision and resulting adverse decision against the assessee.
Revision under section 263 was upheld because the assessing officer failed to conduct at least a prima facie inquiry into whether penalty proceedings under section 271AAC(1) should be initiated after declaring income under provisions for unexplained income. The tribunal held that determination of unexplained income alone does not ipso facto dispense with inquiry into compliance or infractions; absence of any prima facie finding on penalty renders the assessment order erroneous and prejudicial to revenue, justifying revision and resulting adverse decision against the assessee.
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