Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Penalty under section 112(b) requires proof that a person acquired possession of or dealt with goods liable to confiscation, together with knowledge or belief that the goods were so liable. The Tribunal held that this standard was not met where the appellants consistently maintained they had only supplied fabricated material and scrap to an SEZ unit, had no purchase transactions with it, and were manufacturers rather than traders. It also held that statements recorded under section 108 could not be relied on because the procedure under section 138B had not been followed. The penalties were therefore set aside.
Penalty under section 112(b) requires proof that a person acquired possession of or dealt with goods liable to confiscation, together with knowledge or belief that the goods were so liable. The Tribunal held that this standard was not met where the appellants consistently maintained they had only supplied fabricated material and scrap to an SEZ unit, had no purchase transactions with it, and were manufacturers rather than traders. It also held that statements recorded under section 108 could not be relied on because the procedure under section 138B had not been followed. The penalties were therefore set aside.
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