Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Declared transaction value for imported goods must be accepted under the Customs Act and Customs Valuation Rules unless the department first records valid reasons to doubt its truth or accuracy and then applies the valuation rules sequentially. Here, the invoice and banking documents supported the declared price, there was no buyer-seller relationship or evidence of extra consideration, and the department relied on a single later higher-priced comparable despite most comparables being lower. The enhancement was therefore without legal basis and was set aside. Because the differential duty and interest had been paid under protest on an unlawful enhancement, the Tribunal ordered refund with interest from the date of payment until refund.
Declared transaction value for imported goods must be accepted under the Customs Act and Customs Valuation Rules unless the department first records valid reasons to doubt its truth or accuracy and then applies the valuation rules sequentially. Here, the invoice and banking documents supported the declared price, there was no buyer-seller relationship or evidence of extra consideration, and the department relied on a single later higher-priced comparable despite most comparables being lower. The enhancement was therefore without legal basis and was set aside. Because the differential duty and interest had been paid under protest on an unlawful enhancement, the Tribunal ordered refund with interest from the date of payment until refund.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
