2007 (4) TMI 228

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er section 30(b) of the Sea Customs Act, 1878, and the contract price shown by the assessee in the contract resulted in any additional income liable to income-tax to the assessee in the face of the finding of 'proven underinvoicing' by the assessee, given by the Supreme Court? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the 'proven underinvoicing' was not deliberate or intentional? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that no variation to the book results could be made merely on the basis of the notional value fixed by the customs authorities under section 30(b) of the Sea Customs Act, 1878, for the purpose of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....price which was in contravention of the Customs Act. During the pendency of the said proceedings, the Assessing Officer initiated reassessment proceedings for the assessment year 1953-54 by issuing notice under section 148 of the Income-tax Act, 1961, on March 20, 1970. The assessee challenged the said notice by filing a writ petition before this court, and the same was dismissed. Thereupon, the assessee filed an appeal before the apex court and the apex court dismissed the appeal by holding that the condition precedent for initiating proceedings under section 147 of the Act, were complied with. However, the apex court noted that the assessee's income has to be determined on the basis of price received by it for the goods exported. Thereaf....