Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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Inadvertent availment of common input service credit did not bar the higher rate of duty drawback where the CENVAT credit was reversed with interest before issuance of the show cause notice. Applying Chandrapur Magnet Wires and Precot Meridian, the HC treated the reversal as curing the prior availment for drawback purposes and rejected the argument that the Supreme Court authority lacked binding force. Emphasising the export-promoting object of drawback schemes, the Court held that a hyper-technical objection was unwarranted and set aside the revisional order, holding the exporter entitled to the applicable drawback rate for the relevant period.
Inadvertent availment of common input service credit did not bar the higher rate of duty drawback where the CENVAT credit was reversed with interest before issuance of the show cause notice. Applying Chandrapur Magnet Wires and Precot Meridian, the HC treated the reversal as curing the prior availment for drawback purposes and rejected the argument that the Supreme Court authority lacked binding force. Emphasising the export-promoting object of drawback schemes, the Court held that a hyper-technical objection was unwarranted and set aside the revisional order, holding the exporter entitled to the applicable drawback rate for the relevant period.
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