Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Admissibility of seized diaries showing unaccounted sales under code "802" was accepted as business records and the Tribunal estimated unaccounted business income by applying a 2.5% net profit margin on gross receipts, the addition to be over and above returned income. Once profit on those receipts is taxed, subsequent additions for payments or investments funded from the same receipts (including payment to a jewellery supplier and acquisition of jewellery and bars) were deleted. Separate additions for an alleged cash payment, payments to an identified individual, land deal cash, and a vehicle payment were set aside for lack of corroborative evidence or because they were subsumed by the profit estimation; telescoping benefit was allowed.
Admissibility of seized diaries showing unaccounted sales under code "802" was accepted as business records and the Tribunal estimated unaccounted business income by applying a 2.5% net profit margin on gross receipts, the addition to be over and above returned income. Once profit on those receipts is taxed, subsequent additions for payments or investments funded from the same receipts (including payment to a jewellery supplier and acquisition of jewellery and bars) were deleted. Separate additions for an alleged cash payment, payments to an identified individual, land deal cash, and a vehicle payment were set aside for lack of corroborative evidence or because they were subsumed by the profit estimation; telescoping benefit was allowed.
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