Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
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Delay in finalization of Provisional Assessment - The mandatory Pre-SCN consultation as mandated under proviso to Section 28(1)(a) of the Customs Act, 1962 read with Pre-Notice Consultation Regulation, 2018 are not complied with while issuing the impugned SCNs - The High court agreed, holding that finalization of provisional assessments well beyond the reasonable period is barred by limitation. The court underscored that procedural directives under the CBIC Manual of Instructions are binding on the customs authorities and must be followed. The delay in finalization, thus, invalidated the subsequent demands for differential customs duty and penalties.
Delay in finalization of Provisional Assessment - The mandatory Pre-SCN consultation as mandated under proviso to Section 28(1)(a) of the Customs Act, 1962 read with Pre-Notice Consultation Regulation, 2018 are not complied with while issuing the impugned SCNs - The High court agreed, holding that finalization of provisional assessments well beyond the reasonable period is barred by limitation. The court underscored that procedural directives under the CBIC Manual of Instructions are binding on the customs authorities and must be followed. The delay in finalization, thus, invalidated the subsequent demands for differential customs duty and penalties.
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