Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Statements recorded under summons were held inadmissible because the mandatory procedure for examining the maker as a witness and determining admissibility under statutory safeguards was not followed; therefore those statements could not support re-determination of transaction value, and associated penalties were unsustainable. Email and computer printouts were also inadmissible for want of the required evidentiary certificate and formalities for computer output; absent a panchnama and the statutory certificate, the printouts could not establish undervaluation. Consequently the adjudication rejecting declared value and imposing penalties was set aside.
Statements recorded under summons were held inadmissible because the mandatory procedure for examining the maker as a witness and determining admissibility under statutory safeguards was not followed; therefore those statements could not support re-determination of transaction value, and associated penalties were unsustainable. Email and computer printouts were also inadmissible for want of the required evidentiary certificate and formalities for computer output; absent a panchnama and the statutory certificate, the printouts could not establish undervaluation. Consequently the adjudication rejecting declared value and imposing penalties was set aside.
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