Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
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The High Court interpreted Section 110-A of the Customs Act, 1962, focusing on the discretionary use of "may" instead of "shall" regarding provisional release of prohibited goods. The appellant refused provisional release as imported gold meant for export was diverted to the domestic market. The Tribunal can review the appellant's decision but, due to the serious violation, it wasn't justified in releasing the goods provisionally. The Tribunal overlooked Circular No.35/2017, stating prohibited goods cannot be provisionally released. The respondent can deposit the gold's value for provisional release, ensuring compliance with export obligations. The appeal of revenue allowed.
The High Court interpreted Section 110-A of the Customs Act, 1962, focusing on the discretionary use of "may" instead of "shall" regarding provisional release of prohibited goods. The appellant refused provisional release as imported gold meant for export was diverted to the domestic market. The Tribunal can review the appellant's decision but, due to the serious violation, it wasn't justified in releasing the goods provisionally. The Tribunal overlooked Circular No.35/2017, stating prohibited goods cannot be provisionally released. The respondent can deposit the gold's value for provisional release, ensuring compliance with export obligations. The appeal of revenue allowed.
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