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...
A provisional stock statement furnished to a bank for cash credit purposes could not displace audited closing stock where the Assessing Officer found no defect in the books, stock records, or valuation method and did not reject the accounts. The Tribunal accepted that the banking figures were estimated and also materially differed in sales, debtors, and creditors, showing they were not final accounts. It further held that any increase in closing stock would require a corresponding opening stock adjustment in the next year, making the proposed addition revenue-neutral where the tax rate and positive taxable income remained the same. The addition was therefore deleted.
A provisional stock statement furnished to a bank for cash credit purposes could not displace audited closing stock where the Assessing Officer found no defect in the books, stock records, or valuation method and did not reject the accounts. The Tribunal accepted that the banking figures were estimated and also materially differed in sales, debtors, and creditors, showing they were not final accounts. It further held that any increase in closing stock would require a corresponding opening stock adjustment in the next year, making the proposed addition revenue-neutral where the tax rate and positive taxable income remained the same. The addition was therefore deleted.
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