Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Recovery proceedings for fraudulently obtained duty-credit instruments under Section 28AAA must follow the nature of the alleged fraud. Where allegations concern misdeclaration in a shipping bill, Customs must investigate, adjudicate and, where warranted, amend the shipping bill before referring the matter for cancellation of the instrument. Policy interpretation, eligibility and entitlement issues must first be determined by the issuing trade authority, whose view governs Customs proceedings. Where cancellation is legally or technically unavailable, including because of a court order, adjudication must proceed on merits. In other cases where cancellation action has begun, adjudication must await cancellation of the instrument.
Recovery proceedings for fraudulently obtained duty-credit instruments under Section 28AAA must follow the nature of the alleged fraud. Where allegations concern misdeclaration in a shipping bill, Customs must investigate, adjudicate and, where warranted, amend the shipping bill before referring the matter for cancellation of the instrument. Policy interpretation, eligibility and entitlement issues must first be determined by the issuing trade authority, whose view governs Customs proceedings. Where cancellation is legally or technically unavailable, including because of a court order, adjudication must proceed on merits. In other cases where cancellation action has begun, adjudication must await cancellation of the instrument.
Note: It is a system-generated summary and is for quick reference only.
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