Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
Conditional customs duty exemption for an imported aircraft requires use solely for authorised non-scheduled charter services. Commercial operation without the required regulatory approval breaches the post-import exemption condition, making the aircraft liable to confiscation, redemption fine, consequential customs duty and penalties on the importer and responsible managing personnel. Duty following redemption of confiscated goods arises as a consequence of confiscation proceedings rather than as a non-levy or short-levy demand, so the limitation framework for such demands does not apply. Where actual freight and transit-insurance costs are available, customs valuation must use those costs rather than notional additions; duty requires recomputation on that basis.
Conditional customs duty exemption for an imported aircraft requires use solely for authorised non-scheduled charter services. Commercial operation without the required regulatory approval breaches the post-import exemption condition, making the aircraft liable to confiscation, redemption fine, consequential customs duty and penalties on the importer and responsible managing personnel. Duty following redemption of confiscated goods arises as a consequence of confiscation proceedings rather than as a non-levy or short-levy demand, so the limitation framework for such demands does not apply. Where actual freight and transit-insurance costs are available, customs valuation must use those costs rather than notional additions; duty requires recomputation on that basis.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
