Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
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The key holdings were: 1) Since the goods (areca nuts) were absolutely confiscated, the demand for duty on the appellants is unsustainable. 2) Penalty u/s 114A of the Customs Act, 1962 is not attracted as there was no case of paper transactions without actual import of goods. 3) Penalty imposed on the individual partners of the appellant firm is set aside, relying on a Gujarat High Court decision that separate penalty cannot be imposed on partners once the firm has been penalized. Consequently, all appeals filed by the appellants were allowed.
The key holdings were: 1) Since the goods (areca nuts) were absolutely confiscated, the demand for duty on the appellants is unsustainable. 2) Penalty u/s 114A of the Customs Act, 1962 is not attracted as there was no case of paper transactions without actual import of goods. 3) Penalty imposed on the individual partners of the appellant firm is set aside, relying on a Gujarat High Court decision that separate penalty cannot be imposed on partners once the firm has been penalized. Consequently, all appeals filed by the appellants were allowed.
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