Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
The solar pump inverter is classifiable under CTI 8504 40 90 as an inverter and not under CTI 8541 50 00 as other semi-conductor devices, as claimed by the appellant. When the assessment is finalized through the order-in-original, no demand can be raised invoking the extended period of limitation u/s 28 of the Customs Act in the same order. No penalty is imposable u/s 114A of the Customs Act since section 28 does not apply. The appellant is not eligible for exemption from payment of additional duty of customs based on the claimed classification. The impugned order is modified to uphold the classification and finalization of assessment, but set aside the demand u/s 28, interest u/s 28AA, and penalty u/s 114A. The appeal is partly allowed.
The solar pump inverter is classifiable under CTI 8504 40 90 as an inverter and not under CTI 8541 50 00 as other semi-conductor devices, as claimed by the appellant. When the assessment is finalized through the order-in-original, no demand can be raised invoking the extended period of limitation u/s 28 of the Customs Act in the same order. No penalty is imposable u/s 114A of the Customs Act since section 28 does not apply. The appellant is not eligible for exemption from payment of additional duty of customs based on the claimed classification. The impugned order is modified to uphold the classification and finalization of assessment, but set aside the demand u/s 28, interest u/s 28AA, and penalty u/s 114A. The appeal is partly allowed.
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TaxTMI 
TaxTMI 
of 4881 
