Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
After export and assessment of shipping bills, reassessment is unavailable except through recognised legal modes such as appeal, finalisation of provisional assessment, exporter-requested amendment, or correction of clerical error; the declared value and description in already exported goods cannot be reopened. The note further states that DEPB credit is linked to FOB value and transaction value, so customs redetermination of assessable value does not justify denial of DEPB benefit or recovery of duty through used scrips. It also explains that goods already exported fall outside confiscation powers for export goods, and that penalties fail when the underlying duty demand is unsustainable or when false declaration is not established.
After export and assessment of shipping bills, reassessment is unavailable except through recognised legal modes such as appeal, finalisation of provisional assessment, exporter-requested amendment, or correction of clerical error; the declared value and description in already exported goods cannot be reopened. The note further states that DEPB credit is linked to FOB value and transaction value, so customs redetermination of assessable value does not justify denial of DEPB benefit or recovery of duty through used scrips. It also explains that goods already exported fall outside confiscation powers for export goods, and that penalties fail when the underlying duty demand is unsustainable or when false declaration is not established.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
