Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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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.
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