Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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.
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