Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
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...
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Misdeclaration of export goods was established where scientific examination showed the recalled consignment to be low-gold bangles rather than the declared 22 carat jewellery, so confiscation under Sections 113(i) and 113(ja) was sustained. Diversion of duty-free gold under Notification No. 57/2000-Cus. was also proved because the quantity procured did not match the gold found, no manufacturing records explained the shortfall, and strict compliance with the exemption conditions was not shown; confiscation under Section 111(o) was therefore justified. Penalties were upheld only against persons whose conduct showed conscious facilitation or knowing use of false documents, while HDFC Bank, the Superintendent, and job workers were exonerated for lack of mens rea. Redemption fine was not imposed on unavailable goods.
Misdeclaration of export goods was established where scientific examination showed the recalled consignment to be low-gold bangles rather than the declared 22 carat jewellery, so confiscation under Sections 113(i) and 113(ja) was sustained. Diversion of duty-free gold under Notification No. 57/2000-Cus. was also proved because the quantity procured did not match the gold found, no manufacturing records explained the shortfall, and strict compliance with the exemption conditions was not shown; confiscation under Section 111(o) was therefore justified. Penalties were upheld only against persons whose conduct showed conscious facilitation or knowing use of false documents, while HDFC Bank, the Superintendent, and job workers were exonerated for lack of mens rea. Redemption fine was not imposed on unavailable goods.
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