Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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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