Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
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Where customs duty was demanded for breach of notification conditions and penalty was imposed under Section 112(ii) of the Customs Act, the Tribunal held that the reduced-penalty option under Section 114A could not be applied, because that concession is tied to cases where duty is determined under Section 28 and penalty follows that provision. As Section 112(ii), during the relevant period, prescribed only the penalty range and no 25% payment option, the penalty could not be sustained on that reduced basis. The matter was remanded for fresh determination of customs penalty strictly under Section 112(ii). The respondent's cross objections were treated as an appeal and also remanded for reconsideration of the penalty challenge.
Where customs duty was demanded for breach of notification conditions and penalty was imposed under Section 112(ii) of the Customs Act, the Tribunal held that the reduced-penalty option under Section 114A could not be applied, because that concession is tied to cases where duty is determined under Section 28 and penalty follows that provision. As Section 112(ii), during the relevant period, prescribed only the penalty range and no 25% payment option, the penalty could not be sustained on that reduced basis. The matter was remanded for fresh determination of customs penalty strictly under Section 112(ii). The respondent's cross objections were treated as an appeal and also remanded for reconsideration of the penalty challenge.
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