Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
Income-tax prosecution fails when appellate remand removes its factual foundation; directors require company arraignment for vicarious criminal liabil...
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Furnace Oil and Light Diesel Oil require separate commodity classification where technical specifications show material differences in physical characteristics, composition, distillation range, viscosity and end-use. Furnace Oil is a heavier residual fuel oil, while Light Diesel Oil is a middle distillate and cannot be substituted in engines designed for lighter fuel. A specific tariff entry for Light Diesel Oil cannot be extended to Furnace Oil merely because both are used as fuel, absent a common entry. Classification of Furnace Oil as Light Diesel Oil for VAT levy was set aside, requiring fresh assessment on the basis that the products are distinct commodities.
Furnace Oil and Light Diesel Oil require separate commodity classification where technical specifications show material differences in physical characteristics, composition, distillation range, viscosity and end-use. Furnace Oil is a heavier residual fuel oil, while Light Diesel Oil is a middle distillate and cannot be substituted in engines designed for lighter fuel. A specific tariff entry for Light Diesel Oil cannot be extended to Furnace Oil merely because both are used as fuel, absent a common entry. Classification of Furnace Oil as Light Diesel Oil for VAT levy was set aside, requiring fresh assessment on the basis that the products are distinct commodities.
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