Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The appellants imported goods by utilizing DEPB scrips which were later found to be fraudulently obtained, though the appellants were unaware of this fact. The key issues were the validity of such DEPB scrips for duty exemption and the imposition of penalty u/s 114A of the Customs Act, 1962. The Supreme Court has held that exemption benefit cannot be availed on forged/fake DEPB licenses/scrips, even if purchased from the open market. Therefore, the demand for duty was upheld as per the impugned order. However, since the appellants were unaware of the fraud, the penalty was set aside. The appeal was allowed in part by the CESTAT.
The appellants imported goods by utilizing DEPB scrips which were later found to be fraudulently obtained, though the appellants were unaware of this fact. The key issues were the validity of such DEPB scrips for duty exemption and the imposition of penalty u/s 114A of the Customs Act, 1962. The Supreme Court has held that exemption benefit cannot be availed on forged/fake DEPB licenses/scrips, even if purchased from the open market. Therefore, the demand for duty was upheld as per the impugned order. However, since the appellants were unaware of the fraud, the penalty was set aside. The appeal was allowed in part by the CESTAT.
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