Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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CESTAT Bangalore held that goods of foreign origin imported for repairs and return are eligible for exemption under the Notification No.153/1994. The appellant imported aircraft parts for repairing aircraft engines, stating spare parts would be used for repairs and exported. The Tribunal found the spare parts imported for repair/replacement of engines were exempt u/s Notification No.21/2002-Cus., even if cleared for home consumption. As goods were bonded, repaired, and exported, appellant qualified for Notification No.153/1994 benefit. The impugned order was set aside, and appeals allowed.
CESTAT Bangalore held that goods of foreign origin imported for repairs and return are eligible for exemption under the Notification No.153/1994. The appellant imported aircraft parts for repairing aircraft engines, stating spare parts would be used for repairs and exported. The Tribunal found the spare parts imported for repair/replacement of engines were exempt u/s Notification No.21/2002-Cus., even if cleared for home consumption. As goods were bonded, repaired, and exported, appellant qualified for Notification No.153/1994 benefit. The impugned order was set aside, and appeals allowed.
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