Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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Adjudication of a customs duty dispute involving the import of cars and the determination of the 'transaction value' u/s 14 of the Customs Act, 1962. The key points are: The appellate tribunal found discrepancies and lack of evidence regarding the supplementary invoices raised by the supplier, Bentley Motors Ltd., on the importer, Exclusive Motors Pvt. Ltd. The credibility of these invoices, purportedly adjusting freight and insurance costs, was questioned due to inconsistencies in record-keeping, unavailability of invoices for certain shipments, and lack of proof of payment through banking or informal channels. The tribunal also questioned the reliance on export declarations filed with HMRC (UK) to treat the contract as FOB terms, as these were mere statistical reports without legal consequences. The contract terms between the parties were found to be CIP/DAP, placing the risk liability on the supplier until import into India. Altering the terms to FOB would require evidence of risk liability transfer, which was lacking. The tribunal held that the customs authorities failed to discharge the burden of establishing that freight and insurance were excluded or unascertainable, as required under the Customs Valuation Rules, 2007. Consequently, the enhancement of the declared price by 21.125% to arrive at the 'transaction value' was foun.
Adjudication of a customs duty dispute involving the import of cars and the determination of the 'transaction value' u/s 14 of the Customs Act, 1962. The key points are: The appellate tribunal found discrepancies and lack of evidence regarding the supplementary invoices raised by the supplier, Bentley Motors Ltd., on the importer, Exclusive Motors Pvt. Ltd. The credibility of these invoices, purportedly adjusting freight and insurance costs, was questioned due to inconsistencies in record-keeping, unavailability of invoices for certain shipments, and lack of proof of payment through banking or informal channels. The tribunal also questioned the reliance on export declarations filed with HMRC (UK) to treat the contract as FOB terms, as these were mere statistical reports without legal consequences. The contract terms between the parties were found to be CIP/DAP, placing the risk liability on the supplier until import into India. Altering the terms to FOB would require evidence of risk liability transfer, which was lacking. The tribunal held that the customs authorities failed to discharge the burden of establishing that freight and insurance were excluded or unascertainable, as required under the Customs Valuation Rules, 2007. Consequently, the enhancement of the declared price by 21.125% to arrive at the 'transaction value' was foun.
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