Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Worked mica in the two live consignments was correctly classified under tariff item 68149090 because the test reports and physical examination showed processed mica beyond crude mica or mere rifting, and the differential duty on those consignments was upheld. Test reports from those consignments could not be extrapolated to past consignments without samples or evidence for each Bill of Entry, so the demand on the past 72 consignments was unsustainable. The dispute was held to be one of classification, with no suppression, willful misstatement or collusion shown, so extended limitation under Section 28(4) could not be invoked. As there was no material misdeclaration or false document, confiscation, redemption fine and penalties under Sections 111(m), 112, 114A and 114AA were set aside.
Worked mica in the two live consignments was correctly classified under tariff item 68149090 because the test reports and physical examination showed processed mica beyond crude mica or mere rifting, and the differential duty on those consignments was upheld. Test reports from those consignments could not be extrapolated to past consignments without samples or evidence for each Bill of Entry, so the demand on the past 72 consignments was unsustainable. The dispute was held to be one of classification, with no suppression, willful misstatement or collusion shown, so extended limitation under Section 28(4) could not be invoked. As there was no material misdeclaration or false document, confiscation, redemption fine and penalties under Sections 111(m), 112, 114A and 114AA were set aside.
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