Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The article addresses valuation of share premium under s.56(2)(viib) and Rule 11UA, holding that a taxpayer may elect FMV by formulaic net asset route or by a valuer-certified Discounted Cash Flow (DCF) method and that the Assessing Officer may scrutinise, challenge assumptions, obtain an independent valuation, but may not substitute a different valuation method than the one chosen by the assessee. Applying this, wholesale rejection of a DCF valuation and replacement with NAV was an excess of jurisdiction and the addition based on NAV was deleted, with the appeal allowed.
The article addresses valuation of share premium under s.56(2)(viib) and Rule 11UA, holding that a taxpayer may elect FMV by formulaic net asset route or by a valuer-certified Discounted Cash Flow (DCF) method and that the Assessing Officer may scrutinise, challenge assumptions, obtain an independent valuation, but may not substitute a different valuation method than the one chosen by the assessee. Applying this, wholesale rejection of a DCF valuation and replacement with NAV was an excess of jurisdiction and the addition based on NAV was deleted, with the appeal allowed.
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