Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
A notification changing the import policy for goods under CTH 7113 from "Free" to "Restricted" took effect only on publication in the e-Official Gazette, and the exact time of electronic publication was legally material. Consignments that had already been dispatched and had arrived in India before that publication could not be subjected to the later restriction, because subordinate legislation under the foreign trade regime operates prospectively. Since the last consignment had reached the port before the notification was published, the earlier import policy governed, and the authorities were directed to clear and release the goods.
A notification changing the import policy for goods under CTH 7113 from "Free" to "Restricted" took effect only on publication in the e-Official Gazette, and the exact time of electronic publication was legally material. Consignments that had already been dispatched and had arrived in India before that publication could not be subjected to the later restriction, because subordinate legislation under the foreign trade regime operates prospectively. Since the last consignment had reached the port before the notification was published, the earlier import policy governed, and the authorities were directed to clear and release the goods.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
