Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
A bona fide transferee of a duty-free licence re-registered in the customs system was held not liable for customs duty merely because the licence was later alleged to have been fraudulently re-registered. The Tribunal distinguished an existing licence that had been re-registered from a fake or forged licence, and applied the principle that a purchaser for value cannot be denied benefit where the licence was validly in circulation and acted upon during its validity. It also held that the extended period was unavailable because the notice relied only on an alleged failure to verify the licence, without any misrepresentation, collusion, or suppression by the purchaser. The demand and impugned order were set aside.
A bona fide transferee of a duty-free licence re-registered in the customs system was held not liable for customs duty merely because the licence was later alleged to have been fraudulently re-registered. The Tribunal distinguished an existing licence that had been re-registered from a fake or forged licence, and applied the principle that a purchaser for value cannot be denied benefit where the licence was validly in circulation and acted upon during its validity. It also held that the extended period was unavailable because the notice relied only on an alleged failure to verify the licence, without any misrepresentation, collusion, or suppression by the purchaser. The demand and impugned order were set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
