Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Assessment under section 153C was held time-barred because, in a joint warrant situation, limitation under section 153B had to be computed with reference to the last panchanama in the assessee's own case; the later panchanama of another person could not extend time, and the assessments were quashed. Jurisdiction under section 153C also failed because the satisfaction note was generic and did not record year-wise nexus between seized material and alleged undisclosed income, making the assumption of jurisdiction invalid. The addition for alleged commission income was deleted because it rested only on uncorroborated third-party statements, with no independent incriminating material and no cross-examination opportunity.
Assessment under section 153C was held time-barred because, in a joint warrant situation, limitation under section 153B had to be computed with reference to the last panchanama in the assessee's own case; the later panchanama of another person could not extend time, and the assessments were quashed. Jurisdiction under section 153C also failed because the satisfaction note was generic and did not record year-wise nexus between seized material and alleged undisclosed income, making the assumption of jurisdiction invalid. The addition for alleged commission income was deleted because it rested only on uncorroborated third-party statements, with no independent incriminating material and no cross-examination opportunity.
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