Home Highlights June 2013 Year 2013 This

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1. Valuation of imported goods - on the basis of wrong documents submitted by the overseas entity, the appellant had filed the Bills of Entry, the lenient approach can be...

2. Confiscation of goods - Excess stock found which was not recorded in RG-1 Register - search was conducted as on 10/3/2011 - RG-1 Register was updated only till 28/2/2011...

3. Excess stock found during survey - search conducted u/s 133A - the excess stock found during search is nothing but business stock carried on by assessee which is not...

4. Levy of redemption fine and penalty - valuation of imported goods - brass scrap - The appellate tribunal noted the absence of a market survey conducted by the...

5. Imposition of Redemption Fine and Penalty disproportionately - Valuation of imported goods - Taking note of the fact that as per the impugned order itself if it is a...

6. Redemption fine in lieu of confiscation of goods - Mis-classification of imported goods - the party had made a request for mutilation of the imported consignment to...

7. Jurisdiction of Single Member Bench of the Income Tax Appellate Tribunal - Monetary limit Rs.50 lakhs for hearing Appeal - In the present case, the assessee returned...

8. Claim of interest on the refund amount of redemption fine - section 11B of Central Excise Act - It is clear that since the order of confiscation of goods has already...

9. Import of restricted goods - Canada Whole Green Peas - The only short-coming here is the quantitative restriction and hence, the redemption fine and penalty should be...

10. Levy of redemption fine and penalty - re-export of goods - misdeclaration of goods - the penalty imposed under Section 112 (a) of the Customs Act, 1962 is proper....

11. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

12. Initiation of search and seizure u/s 132 - stock-in-trade of business cannot be seized during search and seizure operations conducted on or after June 1, 2003 - HC

13. Relevant date for fixing redemption fine - seizure of Gold - when the redemption fine is imposed, the relevant date for fixing the redemption fine should be the market...

14. Disallowance - excess consumption of Tendu leaves - AO's addition 1/3rd, was found to be reasonable - HC

15. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...