Writ relief against show cause notices is available where jurisdiction is absent and concluded advance rulings cannot be reopened without fresh fraud ...
Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
The High Court held that the Adjudicating Authority under the Foreign Trade (FT) Act lacks jurisdiction to adjudicate a claim for payment of interest on an amount utilized by the petitioner, to which they were not legally entitled. The Court observed that the FT Act only allows for imposition of penalties or confiscation, but does not provide for adjudication of interest claims. The interest claim must be enforced before a competent forum. The Court restrained the respondents from putting the petitioner's Importer-Exporter Code on the Denied Entity List and directed its removal if already done. The petition was allowed.
The High Court held that the Adjudicating Authority under the Foreign Trade (FT) Act lacks jurisdiction to adjudicate a claim for payment of interest on an amount utilized by the petitioner, to which they were not legally entitled. The Court observed that the FT Act only allows for imposition of penalties or confiscation, but does not provide for adjudication of interest claims. The interest claim must be enforced before a competent forum. The Court restrained the respondents from putting the petitioner's Importer-Exporter Code on the Denied Entity List and directed its removal if already done. The petition was allowed.
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