Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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Imported parts of diesel engines and earth-moving equipment were found to fall under Customs Tariff Heading 8483, but the dispute centred on the applicable IGST entry. The Tribunal held that Notification No. 35/2017-IT(RT) specifically inserted plain shaft bearings at Sl. No. 369A in Schedule III, attracting IGST at 18%, and simultaneously omitted "plain shaft bearings" from Sl. No. 135 in Schedule IV. Because the goods matched the specific Schedule III entry, the later amendment under Notification No. 43/2017 did not apply. The lower IGST rate was therefore correctly allowed, and the Revenue's challenge failed.
Imported parts of diesel engines and earth-moving equipment were found to fall under Customs Tariff Heading 8483, but the dispute centred on the applicable IGST entry. The Tribunal held that Notification No. 35/2017-IT(RT) specifically inserted plain shaft bearings at Sl. No. 369A in Schedule III, attracting IGST at 18%, and simultaneously omitted "plain shaft bearings" from Sl. No. 135 in Schedule IV. Because the goods matched the specific Schedule III entry, the later amendment under Notification No. 43/2017 did not apply. The lower IGST rate was therefore correctly allowed, and the Revenue's challenge failed.
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