Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
Fake AI-generated precedents vitiate adjudication, with unverified citations contaminating the decision-making process and undermining the rule of law...
The imported Clear Float Glass is classifiable under CTH 7005 1090 of the Customs Tariff Act, 1975, as per Chapter Note 2(c) to Chapter 70, rather than under CTH 7005 2990 as reclassified by the Department. The issue of classification is no longer res integra, as it has been elaborately dealt with in the case of M/S. BAGRECHA ENTERPRISES LIMITED VERSUS COMMISSIONER OF CUSTOMS (PORT), KOLKATA. The Department cannot invoke the extended period of limitation, as the issue was known to the revenue, and the assessments underwent provisional assessment and subsequent finalization for the same product. Invoking the extended period for demand of duty or imposition of mandatory penalty is not sustainable, as the appellant did not suppress or misdeclare any facts. The imported Clear Float Glass is eligible for exemption under Sl. No. 934 of Notification No. 46/2011-Cus dated 01.06.2011, being classifiable under CTH 7005 1090. The impugned Order-in-Original is set aside, and the appeal is allowed.
The imported Clear Float Glass is classifiable under CTH 7005 1090 of the Customs Tariff Act, 1975, as per Chapter Note 2(c) to Chapter 70, rather than under CTH 7005 2990 as reclassified by the Department. The issue of classification is no longer res integra, as it has been elaborately dealt with in the case of M/S. BAGRECHA ENTERPRISES LIMITED VERSUS COMMISSIONER OF CUSTOMS (PORT), KOLKATA. The Department cannot invoke the extended period of limitation, as the issue was known to the revenue, and the assessments underwent provisional assessment and subsequent finalization for the same product. Invoking the extended period for demand of duty or imposition of mandatory penalty is not sustainable, as the appellant did not suppress or misdeclare any facts. The imported Clear Float Glass is eligible for exemption under Sl. No. 934 of Notification No. 46/2011-Cus dated 01.06.2011, being classifiable under CTH 7005 1090. The impugned Order-in-Original is set aside, and the appeal is allowed.
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