Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
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Duty drawback was held taxable on actual receipt in the previous year, as section 145B(3), read with section 2(24)(xviii), deems such income to accrue when received by the assessee. The Tribunal found that the assessee's bank records reflected only the amount credited in the profit and loss account, while the AO relied on unconfronted CBEC portal data without furnishing supporting details or independent proof of higher receipt. The differential addition was therefore deleted. As the penalty under section 270A(1) was wholly consequential to the deleted addition and no misreporting survived, the penalty was also set aside.
Duty drawback was held taxable on actual receipt in the previous year, as section 145B(3), read with section 2(24)(xviii), deems such income to accrue when received by the assessee. The Tribunal found that the assessee's bank records reflected only the amount credited in the profit and loss account, while the AO relied on unconfronted CBEC portal data without furnishing supporting details or independent proof of higher receipt. The differential addition was therefore deleted. As the penalty under section 270A(1) was wholly consequential to the deleted addition and no misreporting survived, the penalty was also set aside.
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