Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Section 28 of the Customs Act permits a demand notice only within five years from the relevant date. The High Court held that the notice issued in 2008 could sustain recovery only for 2003-04 to 2007-08; the demand for 1998-99 to 2002-03 was barred by limitation. Because the extended period was upheld on findings of collusion, wilful misstatement or suppression of facts, penalty under Section 114A was consequential and the Tribunal's deletion of penalty was set aside. The Court also directed that the available physical stock of re-imported silk fabric be adjusted against the surviving shortage, and that duty liability and penalty be recomputed accordingly.
Section 28 of the Customs Act permits a demand notice only within five years from the relevant date. The High Court held that the notice issued in 2008 could sustain recovery only for 2003-04 to 2007-08; the demand for 1998-99 to 2002-03 was barred by limitation. Because the extended period was upheld on findings of collusion, wilful misstatement or suppression of facts, penalty under Section 114A was consequential and the Tribunal's deletion of penalty was set aside. The Court also directed that the available physical stock of re-imported silk fabric be adjusted against the surviving shortage, and that duty liability and penalty be recomputed accordingly.
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