Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Levy of penalty - Abetment in Fraudulent export - The judgment by the Appellate Tribunal of CESTAT Bangalore addressed a case of fraudulent export and misdeclaration of goods. Investigations revealed a pattern of misdeclaration by the exporter, involving inferior quality rags instead of declared ladies nightwear. The appellants, involved in arranging containers and customs clearance, were found complicit in facilitating these fraudulent exports. Despite their claims of innocence, their actions violated customs regulations and aided in the fraudulent scheme. The tribunal upheld penalties under Section 114 of the Customs Act, albeit reducing them considering the cancellation of DEPB licenses and penalties on the exporter.
Levy of penalty - Abetment in Fraudulent export - The judgment by the Appellate Tribunal of CESTAT Bangalore addressed a case of fraudulent export and misdeclaration of goods. Investigations revealed a pattern of misdeclaration by the exporter, involving inferior quality rags instead of declared ladies nightwear. The appellants, involved in arranging containers and customs clearance, were found complicit in facilitating these fraudulent exports. Despite their claims of innocence, their actions violated customs regulations and aided in the fraudulent scheme. The tribunal upheld penalties under Section 114 of the Customs Act, albeit reducing them considering the cancellation of DEPB licenses and penalties on the exporter.
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