Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Drawback scheme allows rebate of duty paid on excisable goods used in manufacture of exported products. The assessee calculated yarn consumption for exports based on SION norms, an established input-output ratio recognized by law, as actual quantity could not be ascertained due to quality checks and wastage. The Tribunal upheld the adoption of SION norms, stating that in absence of actual data, a methodology like SION has to be applied to determine duty incidence for drawback. The Tribunal found no infirmity in the method as it is consistent, certified by field officers, and not disputed by Revenue apart from alleging reverse calculation, which is permissible based on SION. The reasoned order was upheld as Revenue failed to negate the findings.
Drawback scheme allows rebate of duty paid on excisable goods used in manufacture of exported products. The assessee calculated yarn consumption for exports based on SION norms, an established input-output ratio recognized by law, as actual quantity could not be ascertained due to quality checks and wastage. The Tribunal upheld the adoption of SION norms, stating that in absence of actual data, a methodology like SION has to be applied to determine duty incidence for drawback. The Tribunal found no infirmity in the method as it is consistent, certified by field officers, and not disputed by Revenue apart from alleging reverse calculation, which is permissible based on SION. The reasoned order was upheld as Revenue failed to negate the findings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
