BCD exemption for specified display assembly inputs extended for automotive, medical and industrial applications, with defined exclusions and sunset d...
Prospective valuation amendment limits reassessment: unamended fair market value reference could not justify reopening based on a registered valuer's ...
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Extended limitation under indirect tax law applies only where fraud, collusion, wilful misstatement, suppression of facts, or contravention with intent to evade duty is shown, and the text treats non-disclosure of the contractual arrangement, delayed service tax payment, and suo motu credit taken instead of refund as sufficient to invoke it. It further notes that the same facts satisfy the basis for penalty under Rule 15(2) read with Section 11AC where suppression and wrongful availment of Cenvat credit are established. On that reasoning, the demand and penalty were sustained.
Extended limitation under indirect tax law applies only where fraud, collusion, wilful misstatement, suppression of facts, or contravention with intent to evade duty is shown, and the text treats non-disclosure of the contractual arrangement, delayed service tax payment, and suo motu credit taken instead of refund as sufficient to invoke it. It further notes that the same facts satisfy the basis for penalty under Rule 15(2) read with Section 11AC where suppression and wrongful availment of Cenvat credit are established. On that reasoning, the demand and penalty were sustained.
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