Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The High Court upheld the CESTAT's order setting aside the confiscation order and imposition of redemption fines under the Customs Act, 1962. The appeals did not involve substantial questions of law and were based on factual issues which the Tribunal had considered in detail. The factual aspects were similar to the Ganesh Benzoplast Limited case, where goods were imported through pipelines and stored in non-bonded tanks after obtaining permissions. The Tribunal rightly relied on the Bombay High Court's decision in Finesse Creation Inc. instead of judgments from other High Courts. The imposition of penalties u/s 117 of the Customs Act was disapproved, as held in Ganesh Benzoplast Limited. The Tribunal's factual findings and reasoning did not warrant interference in appeals involving no substantial questions of law.
The High Court upheld the CESTAT's order setting aside the confiscation order and imposition of redemption fines under the Customs Act, 1962. The appeals did not involve substantial questions of law and were based on factual issues which the Tribunal had considered in detail. The factual aspects were similar to the Ganesh Benzoplast Limited case, where goods were imported through pipelines and stored in non-bonded tanks after obtaining permissions. The Tribunal rightly relied on the Bombay High Court's decision in Finesse Creation Inc. instead of judgments from other High Courts. The imposition of penalties u/s 117 of the Customs Act was disapproved, as held in Ganesh Benzoplast Limited. The Tribunal's factual findings and reasoning did not warrant interference in appeals involving no substantial questions of law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
