Undisclosed income - CBEC has not accepted the invoice value and ...

CBEC's Customs Duty Valuation Doesn't Imply Assessee Understated Import Value; Not Considered Undisclosed Income.

October 18, 2022

Case Laws     Income Tax     AT

Undisclosed income - CBEC has not accepted the invoice value and determined separate value for the purpose of customs duty. Therefore, merely for the reason that the CBEC does not accept the value declared by the assessee, it does not mean that the assessee has understated the imports and difference between actual price paid for imports and value determined by the CBEC is undisclosed income of the assessee. - AT

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