Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
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.
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