Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
