Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
A customs broker penalty dispute turned on whether a medicine exported as MIGRAN, containing Ergotamine, fell within Schedule-B and required a Narcotic Commissioner NOC. The Tribunal held that Schedule-B covered only Ergotamine and its salts, not preparations containing it, so the NOC-based penalty could not stand. It also found that knowledge of undeclared additional medicine could not fairly be attributed to the broker on the facts, given the exporter's stated ignorance and the technical uncertainty surrounding the product. In any event, it held that the residuary penalty under Section 117 was unavailable where the CBLR contained a specific penalty provision, and it set aside the penalty order.
A customs broker penalty dispute turned on whether a medicine exported as MIGRAN, containing Ergotamine, fell within Schedule-B and required a Narcotic Commissioner NOC. The Tribunal held that Schedule-B covered only Ergotamine and its salts, not preparations containing it, so the NOC-based penalty could not stand. It also found that knowledge of undeclared additional medicine could not fairly be attributed to the broker on the facts, given the exporter's stated ignorance and the technical uncertainty surrounding the product. In any event, it held that the residuary penalty under Section 117 was unavailable where the CBLR contained a specific penalty provision, and it set aside the penalty order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
