COMMNR. OF CUSTOMS (IMPORT) vs. STONEMAN MARBLE INDUSTRIES

price of the imported goods was mis-declared in the bills of entry. 4. The goods imported by the respondents were confiscated under Section 111(d) of the Act. However, the importers were given an option to redeem the confiscated goods on payment of redemption fine, which was 3 fixed, adopting the margin of profit as the basis, under Section

GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

u/s 46A in the hands of shareholders. However, taking the benefit of Article 13 of India-Mauritius DTAA, which provides for capital gain arising on transfer of shares of Mauritius resident taxable in that country and under Mauritius tax laws capital gain is totally exempt, entire transaction used to escape the tax net. Thus to plug this loop hole