Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
Fake AI-generated precedents vitiate adjudication, with unverified citations contaminating the decision-making process and undermining the rule of law...
Freight and insurance were held includible in the assessable value under Rule 10(2) because the importer failed to produce clear documentary proof that the FOB price already covered transportation and insurance up to importation; oral assertion alone was insufficient, and the invoice terms supported the Revenue's case. However, the demand was barred by limitation because the importer had disclosed the invoiced value and the treatment of freight and insurance in the bill of entry and supporting documents, so suppression or wilful misstatement was not proved. The Tribunal applied the principle that suppression requires a positive, deliberate act and treated the dispute as revenue neutral, allowing the appeal on limitation and setting aside the duty, interest and penalty.
Freight and insurance were held includible in the assessable value under Rule 10(2) because the importer failed to produce clear documentary proof that the FOB price already covered transportation and insurance up to importation; oral assertion alone was insufficient, and the invoice terms supported the Revenue's case. However, the demand was barred by limitation because the importer had disclosed the invoiced value and the treatment of freight and insurance in the bill of entry and supporting documents, so suppression or wilful misstatement was not proved. The Tribunal applied the principle that suppression requires a positive, deliberate act and treated the dispute as revenue neutral, allowing the appeal on limitation and setting aside the duty, interest and penalty.
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