Rental income valuation requires credible local comparables; family-business salary and commercially expedient unsecured-loan interest remained deduct...
Strict construction of customs exemptions denied concession for brake components, while limitation restricted differential duty to timely Bills of Ent...
Way Leave Permissions cannot be retrospectively revived through insolvency plans, and affected infrastructure holders require safety review and hearin...
Notification 52/2003-Cus dated 31.03.2003 governs the re-import of goods after export. Sr. No. 14 allows re-import for repair/reconditioning within 3/7 years, irrespective of buyer's rejection, while Sr. No. 15 permits re-import within 1 year if rejected by buyer. The Tribunal held that Sr. No. 14 applies if goods are re-imported for repair/reconditioning for re-export, even if rejected by buyer, subject to time limits. For goods not in Annexure VII, the 3-year limit under Sr. No. 14 applies, not the 1-year limit under Sr. No. 15. Rejecting the department's view, the Tribunal allowed the benefit of Notification 52/2003 (Sr. No. 14) on the re-imported goods.
Notification 52/2003-Cus dated 31.03.2003 governs the re-import of goods after export. Sr. No. 14 allows re-import for repair/reconditioning within 3/7 years, irrespective of buyer's rejection, while Sr. No. 15 permits re-import within 1 year if rejected by buyer. The Tribunal held that Sr. No. 14 applies if goods are re-imported for repair/reconditioning for re-export, even if rejected by buyer, subject to time limits. For goods not in Annexure VII, the 3-year limit under Sr. No. 14 applies, not the 1-year limit under Sr. No. 15. Rejecting the department's view, the Tribunal allowed the benefit of Notification 52/2003 (Sr. No. 14) on the re-imported goods.
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TaxTMI 
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