Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
Reopening an assessment requires contemporaneous reasons to believe supported by tangible material and a live link to escapement of income; a mere recalculation of full value of consideration using lowest prevailing market value or a change of opinion is insufficient. The taxpayer had already provided stock valuation details and basis in response to queries under section 142(1), and the subsequent communications did not disclose fresh tangible material or a live link justifying reassessment under section 147. The impugned reopening notices were therefore held to lack jurisdiction and were quashed in favour of the assessee.
Reopening an assessment requires contemporaneous reasons to believe supported by tangible material and a live link to escapement of income; a mere recalculation of full value of consideration using lowest prevailing market value or a change of opinion is insufficient. The taxpayer had already provided stock valuation details and basis in response to queries under section 142(1), and the subsequent communications did not disclose fresh tangible material or a live link justifying reassessment under section 147. The impugned reopening notices were therefore held to lack jurisdiction and were quashed in favour of the assessee.
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