Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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Reliance on inquiry statements without compliance with the cross-examination safeguard under Section 138B, coupled with weak corroboration, was held insufficient to sustain penalty for alleged smuggling facilitation. The Tribunal found that the statements used against the appellants were untested, the Angadiya letters were not proved as reliable records, and the Department failed to connect the alleged acts with passport data, duty rosters, call records, or proper identification. On the standard of preponderance of probability, conscious involvement or facilitation of goods liable to confiscation was not established, so the penalties under Section 112(b) against both appellants were set aside.
Reliance on inquiry statements without compliance with the cross-examination safeguard under Section 138B, coupled with weak corroboration, was held insufficient to sustain penalty for alleged smuggling facilitation. The Tribunal found that the statements used against the appellants were untested, the Angadiya letters were not proved as reliable records, and the Department failed to connect the alleged acts with passport data, duty rosters, call records, or proper identification. On the standard of preponderance of probability, conscious involvement or facilitation of goods liable to confiscation was not established, so the penalties under Section 112(b) against both appellants were set aside.
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