Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Importation of an old and used car by misdeclaring it as new, resulting in undervaluation. Imposition of composite penalty u/ss 112(a), 112(b), and 114AA of the Customs Act, 1962. Penalty u/s 114AA cannot be imposed as it pertains to fraudulent exports, not imports. Quantum of penalties imposed u/ss 112(a) and 112(b) unknown. Composite penalties imposed on the appellant found unsustainable. Impugned orders imposing penalties under various provisions of the Customs Act, 1962 set aside by the Appellate Tribunal (CESTAT). Appeal allowed.
Importation of an old and used car by misdeclaring it as new, resulting in undervaluation. Imposition of composite penalty u/ss 112(a), 112(b), and 114AA of the Customs Act, 1962. Penalty u/s 114AA cannot be imposed as it pertains to fraudulent exports, not imports. Quantum of penalties imposed u/ss 112(a) and 112(b) unknown. Composite penalties imposed on the appellant found unsustainable. Impugned orders imposing penalties under various provisions of the Customs Act, 1962 set aside by the Appellate Tribunal (CESTAT). Appeal allowed.
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