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...
Judicially fixed interest at 9% per annum on balance loan dues was maintained after the principal and substantial interest had been repaid and the insolvency admission was set aside. Although loan terms ordinarily bind parties, judicial relief may be moulded for the nature and circumstances of insolvency proceedings. Replacing that rate with contractual default interest of 3% per month would have converted closed corporate insolvency resolution proceedings into a recovery mechanism, contrary to the Code's objectives. Supreme Court liberty to seek modification conferred no entitlement to enhanced interest; any contractual claim may be pursued before the forum specified in the loan agreement. The modification application was dismissed.
Judicially fixed interest at 9% per annum on balance loan dues was maintained after the principal and substantial interest had been repaid and the insolvency admission was set aside. Although loan terms ordinarily bind parties, judicial relief may be moulded for the nature and circumstances of insolvency proceedings. Replacing that rate with contractual default interest of 3% per month would have converted closed corporate insolvency resolution proceedings into a recovery mechanism, contrary to the Code's objectives. Supreme Court liberty to seek modification conferred no entitlement to enhanced interest; any contractual claim may be pursued before the forum specified in the loan agreement. The modification application was dismissed.
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