Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
This case deals with the applicability of customs duty exemption under Notification No. 12/2012-Cus for imports made before and after its amendment by Notification No. 06/2017-Cus, and the applicability of depreciation provisions under Clause (e) of Condition 40A post-amendment. The key points are: Prior to the amendment, the exemption was available without any depreciation clause, as per the CLOUGH ENGINEERING LTD. case. After the amendment, duty became payable on leftover goods with prescribed depreciation rates. The confiscation demand and penalties were set aside, as the notification itself foresaw the possibility of leftovers and disposal. The case was remanded for fresh adjudication considering the depreciation provisions for post-amendment imports.
This case deals with the applicability of customs duty exemption under Notification No. 12/2012-Cus for imports made before and after its amendment by Notification No. 06/2017-Cus, and the applicability of depreciation provisions under Clause (e) of Condition 40A post-amendment. The key points are: Prior to the amendment, the exemption was available without any depreciation clause, as per the CLOUGH ENGINEERING LTD. case. After the amendment, duty became payable on leftover goods with prescribed depreciation rates. The confiscation demand and penalties were set aside, as the notification itself foresaw the possibility of leftovers and disposal. The case was remanded for fresh adjudication considering the depreciation provisions for post-amendment imports.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
