Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Failure to maintain the prescribed Net Owned Fund justified cancellation of an NBFC's registration. A pending amalgamation proposal did not satisfy the requirement because approval, implementation and any resulting capital increase remained contingent. Judicial review was confined to procedural legality, natural justice and jurisdictional error; no defect was identified in the cancellation or appellate process. The amalgamation proposal was rejected and that rejection was not separately challenged. As the company also could not meet the subsisting Net Owned Fund requirement, setting aside cancellation would have been futile. The High Court upheld cancellation and dismissed the writ petition.
Failure to maintain the prescribed Net Owned Fund justified cancellation of an NBFC's registration. A pending amalgamation proposal did not satisfy the requirement because approval, implementation and any resulting capital increase remained contingent. Judicial review was confined to procedural legality, natural justice and jurisdictional error; no defect was identified in the cancellation or appellate process. The amalgamation proposal was rejected and that rejection was not separately challenged. As the company also could not meet the subsisting Net Owned Fund requirement, setting aside cancellation would have been futile. The High Court upheld cancellation and dismissed the writ petition.
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