Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
ITAT upheld deletion of transfer-pricing adjustment on corporate guarantee, holding that no fresh guarantee was issued and no additional cost or economic outflow arose, so no arm's length commission could be imputed. It also sustained deletion of interest disallowance on borrowed funds, finding commercial expediency and no direct nexus with diversion. Weighted deduction under section 35(2AB) was largely allowed on the pre-amendment position, product registration expenditure was treated as revenue, and section 14A/MAT additions were restricted to actual exempt-income related expenditure. Foreign exchange derivative loss was accepted as business loss, while disallowance for freebies to doctors and delayed employees' contribution was upheld. The bonus deduction claim under section 43B was remanded for verification.
ITAT upheld deletion of transfer-pricing adjustment on corporate guarantee, holding that no fresh guarantee was issued and no additional cost or economic outflow arose, so no arm's length commission could be imputed. It also sustained deletion of interest disallowance on borrowed funds, finding commercial expediency and no direct nexus with diversion. Weighted deduction under section 35(2AB) was largely allowed on the pre-amendment position, product registration expenditure was treated as revenue, and section 14A/MAT additions were restricted to actual exempt-income related expenditure. Foreign exchange derivative loss was accepted as business loss, while disallowance for freebies to doctors and delayed employees' contribution was upheld. The bonus deduction claim under section 43B was remanded for verification.
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