Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Re-export of seized imported goods was permitted pending adjudication because the Court declined to examine alleged misclassification or misdeclaration and proceeded on the undisputed position that the goods had remained in custody for a prolonged period, samples had already been drawn, and continued seizure would serve no useful purpose. The permission was made conditional on the petitioner executing a bond for the differential duty payable and furnishing a bank guarantee equivalent to 5% of the re-determined value. The writ petition was disposed of on that basis, with the respondents directed to allow re-export subject to those safeguards.
Re-export of seized imported goods was permitted pending adjudication because the Court declined to examine alleged misclassification or misdeclaration and proceeded on the undisputed position that the goods had remained in custody for a prolonged period, samples had already been drawn, and continued seizure would serve no useful purpose. The permission was made conditional on the petitioner executing a bond for the differential duty payable and furnishing a bank guarantee equivalent to 5% of the re-determined value. The writ petition was disposed of on that basis, with the respondents directed to allow re-export subject to those safeguards.
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