Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The CESTAT held that for valuation of bunker fuel consumed during coastal runs, the NIDB (National Import Database) data should be adopted as recognized by the facility notice issued by the Commissioner Bhubaneshwar. However, since the quantity of bunker consumed is small, it may be difficult to find comparable NIDB data. In such cases, the deductive method under the Customs Valuation Rules becomes relevant, allowing adjustments for quantity differences compared to contemporaneous import data in NIDB. The CESTAT remanded the matter to the original Adjudicating Authority for redetermination of assessable value using the deductive method, modifying the Commissioner (Appeal)'s order. The appeal was allowed by way of remand.
The CESTAT held that for valuation of bunker fuel consumed during coastal runs, the NIDB (National Import Database) data should be adopted as recognized by the facility notice issued by the Commissioner Bhubaneshwar. However, since the quantity of bunker consumed is small, it may be difficult to find comparable NIDB data. In such cases, the deductive method under the Customs Valuation Rules becomes relevant, allowing adjustments for quantity differences compared to contemporaneous import data in NIDB. The CESTAT remanded the matter to the original Adjudicating Authority for redetermination of assessable value using the deductive method, modifying the Commissioner (Appeal)'s order. The appeal was allowed by way of remand.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
