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...
Recorded statements made during inquiry under the Customs framework are admissible for proving the truth of their contents only if the statutory procedural safeguards are complied with: the person must be examined as a witness before the adjudicating authority, the adjudicating authority must form an opinion to admit the statement, and an opportunity for cross examination must be given. Failure to follow this mandatory procedure renders statements under inquiry inadmissible, and a penalty imposed solely on such inadmissible statement was set aside.
Recorded statements made during inquiry under the Customs framework are admissible for proving the truth of their contents only if the statutory procedural safeguards are complied with: the person must be examined as a witness before the adjudicating authority, the adjudicating authority must form an opinion to admit the statement, and an opportunity for cross examination must be given. Failure to follow this mandatory procedure renders statements under inquiry inadmissible, and a penalty imposed solely on such inadmissible statement was set aside.
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