Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The HC held that a post-import obligation under an exemption notification may continue after rescission, and Section 159A can preserve action despite withdrawal or modification of the notification, but only within the statutory limitation period. Proceedings for confiscation, fine in lieu of confiscation, and penalty remained subject to Section 28 limitation. Because the show cause notice was issued beyond five years from the relevant date, the penal proceedings were time-barred and could not be sustained. The court distinguished the cited precedent on the ground that the notice there had been issued within time.
The HC held that a post-import obligation under an exemption notification may continue after rescission, and Section 159A can preserve action despite withdrawal or modification of the notification, but only within the statutory limitation period. Proceedings for confiscation, fine in lieu of confiscation, and penalty remained subject to Section 28 limitation. Because the show cause notice was issued beyond five years from the relevant date, the penal proceedings were time-barred and could not be sustained. The court distinguished the cited precedent on the ground that the notice there had been issued within time.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
