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...
Under the EPCG exemption, Notification No. 97/2004-Cus. had to be read with the Foreign Trade Policy, and the dispute was confined to whether third-party exports could satisfy export obligation. The Tribunal found that, at the material time, the provisions were ambiguous on whether such exports had to be made from goods manufactured using the imported capital goods, and a later policy tightening could not be applied retrospectively. As the export obligation discharge certificate had been restored and the validity of the licence, installation of capital goods and their use were not in dispute, Customs could not sustain demand and penalties by re-agitating fulfilment of export obligation for the two licences. The demand and penalties for those imports were set aside.
Under the EPCG exemption, Notification No. 97/2004-Cus. had to be read with the Foreign Trade Policy, and the dispute was confined to whether third-party exports could satisfy export obligation. The Tribunal found that, at the material time, the provisions were ambiguous on whether such exports had to be made from goods manufactured using the imported capital goods, and a later policy tightening could not be applied retrospectively. As the export obligation discharge certificate had been restored and the validity of the licence, installation of capital goods and their use were not in dispute, Customs could not sustain demand and penalties by re-agitating fulfilment of export obligation for the two licences. The demand and penalties for those imports were set aside.
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