Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
Under Rule 10(2), transport cost up to the place of importation had to be included in assessable value, so where imports were invoiced on ex-works basis the cost up to loading on board had first to be added to reach FOB value, and the 20% air-freight cap was to be computed with reference to that FOB value. The valuation objection therefore failed. However, extended limitation for short-levy required collusion, wilful misstatement or suppression of facts, and the same foundation was necessary for penalty under section 114A. The wrong declaration of ex-works price as FOB value was treated as an oversight, with no material showing intent to evade duty; accordingly, the demand raised only under the extended period and the penalties on the importer and customs broker were set aside.
Under Rule 10(2), transport cost up to the place of importation had to be included in assessable value, so where imports were invoiced on ex-works basis the cost up to loading on board had first to be added to reach FOB value, and the 20% air-freight cap was to be computed with reference to that FOB value. The valuation objection therefore failed. However, extended limitation for short-levy required collusion, wilful misstatement or suppression of facts, and the same foundation was necessary for penalty under section 114A. The wrong declaration of ex-works price as FOB value was treated as an oversight, with no material showing intent to evade duty; accordingly, the demand raised only under the extended period and the penalties on the importer and customs broker were set aside.
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