Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Undervaluation of imported goods - Patchouli Oil - The CESTAT found that the rejection of the declared value lacked legal basis and was unsupported by evidence. The Tribunal emphasized the importance of comparability in valuation and noted the lack of evidence in this regard. Additionally, the court clarified that the insurance value should not influence customs valuation. Finally, the penalty imposed on the director of the appellant company was set aside due to the lack of evidence of deliberate violation of customs laws. As a result, the appeals filed by the appellants were allowed.
Undervaluation of imported goods - Patchouli Oil - The CESTAT found that the rejection of the declared value lacked legal basis and was unsupported by evidence. The Tribunal emphasized the importance of comparability in valuation and noted the lack of evidence in this regard. Additionally, the court clarified that the insurance value should not influence customs valuation. Finally, the penalty imposed on the director of the appellant company was set aside due to the lack of evidence of deliberate violation of customs laws. As a result, the appeals filed by the appellants were allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
