Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Gold is a notified item, so the person in possession must prove lawful acquisition and possession; where no bills, vouchers or contemporaneous records are produced, the statutory presumption under Section 123 remains unrebutted and absolute confiscation is justified. For Indian currency to be treated as sale proceeds of smuggled goods under Section 121, the Revenue must show a clear nexus and reasonable belief based on cogent evidence; mere suspicion or uncorroborated statements are insufficient, so the currency confiscation was unsustainable. On penalty, the Tribunal deleted the sanction against the accompanying person for lack of recovery or ative link, while sustaining but reducing the penalty on the person directly connected with the foreign-origin gold.
Gold is a notified item, so the person in possession must prove lawful acquisition and possession; where no bills, vouchers or contemporaneous records are produced, the statutory presumption under Section 123 remains unrebutted and absolute confiscation is justified. For Indian currency to be treated as sale proceeds of smuggled goods under Section 121, the Revenue must show a clear nexus and reasonable belief based on cogent evidence; mere suspicion or uncorroborated statements are insufficient, so the currency confiscation was unsustainable. On penalty, the Tribunal deleted the sanction against the accompanying person for lack of recovery or ative link, while sustaining but reducing the penalty on the person directly connected with the foreign-origin gold.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
