Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The items Polycril and Sector 130, 140 cannot be treated as raw materials but as consumables, as they do not remain until the final product reaches the end user and are only used for processing without becoming part of the final product. The department was unjustified in treating these items as raw materials. The ratio of the Supreme Court's decision in Commissioner of Customs, Cochin versus GTN Textiles is applicable here, as there is no difference between Notification No. 8/97-CE and Notification No. 23/2003-CE regarding conditions for availing the benefit. The impugned order is set aside, and the appeal is allowed.
The items Polycril and Sector 130, 140 cannot be treated as raw materials but as consumables, as they do not remain until the final product reaches the end user and are only used for processing without becoming part of the final product. The department was unjustified in treating these items as raw materials. The ratio of the Supreme Court's decision in Commissioner of Customs, Cochin versus GTN Textiles is applicable here, as there is no difference between Notification No. 8/97-CE and Notification No. 23/2003-CE regarding conditions for availing the benefit. The impugned order is set aside, and the appeal is allowed.
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