Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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The case deals with determining the appropriate date for converting an arbitral award expressed in foreign currency to Indian rupees. The court held that the exchange rate on the date of deposit applies, with non-withdrawal being at the discretion of the respondent. The date for converting a subsequent deposit is determined by the completion of proceedings. Statutory provisions dictate that interest ceases once a deposit is made to the court or the decree-holder. The relevant date for conversion is when the award becomes enforceable, after objections are decided. The deposited amount must be adjusted against the remaining principal and interest, converted on the date of enforceability. The ruling was in line with previous Supreme Court decisions.
The case deals with determining the appropriate date for converting an arbitral award expressed in foreign currency to Indian rupees. The court held that the exchange rate on the date of deposit applies, with non-withdrawal being at the discretion of the respondent. The date for converting a subsequent deposit is determined by the completion of proceedings. Statutory provisions dictate that interest ceases once a deposit is made to the court or the decree-holder. The relevant date for conversion is when the award becomes enforceable, after objections are decided. The deposited amount must be adjusted against the remaining principal and interest, converted on the date of enforceability. The ruling was in line with previous Supreme Court decisions.
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