Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
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...
Bogus long-term capital gains from penny stock transactions were rejected where contract notes, demat entries, bank records and sale documents did not establish genuineness. The Tribunal found that the scrip showed abnormal price movement unrelated to the company's financial position and business activity, the original purchase was through an off-market route in an unlisted company, and the assessee was not shown to be a regular or informed investor. Applying the human probabilities test, it treated the transaction as a pre-arranged accommodation entry mechanism to convert unaccounted income into exempt capital gains. The burden under section 68 was not discharged, the addition was upheld, and exemption under section 10(38) was denied.
Bogus long-term capital gains from penny stock transactions were rejected where contract notes, demat entries, bank records and sale documents did not establish genuineness. The Tribunal found that the scrip showed abnormal price movement unrelated to the company's financial position and business activity, the original purchase was through an off-market route in an unlisted company, and the assessee was not shown to be a regular or informed investor. Applying the human probabilities test, it treated the transaction as a pre-arranged accommodation entry mechanism to convert unaccounted income into exempt capital gains. The burden under section 68 was not discharged, the addition was upheld, and exemption under section 10(38) was denied.
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