Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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The Appellate Tribunal allowed the appeal filed by M/s Wipro Ltd. and set aside the penalty imposed for contravention of provisions u/s 10(6) of FEMA. The company had remitted foreign exchange to overseas banks for import of goods but failed to submit Bills of Entry for five instances. However, the company provided documents proving import for three out of those five remittances. For the remaining two remittances amounting to USD 38,550, the Tribunal gave the benefit of doubt to the company, considering the lapse on the part of the erstwhile ANZ Grindlays Bank in not intimating RBI or maintaining proper records. The Tribunal relied on the Delhi High Court judgment in Innovative Tech Pack Ltd. v. Special Director of Enforcement.
The Appellate Tribunal allowed the appeal filed by M/s Wipro Ltd. and set aside the penalty imposed for contravention of provisions u/s 10(6) of FEMA. The company had remitted foreign exchange to overseas banks for import of goods but failed to submit Bills of Entry for five instances. However, the company provided documents proving import for three out of those five remittances. For the remaining two remittances amounting to USD 38,550, the Tribunal gave the benefit of doubt to the company, considering the lapse on the part of the erstwhile ANZ Grindlays Bank in not intimating RBI or maintaining proper records. The Tribunal relied on the Delhi High Court judgment in Innovative Tech Pack Ltd. v. Special Director of Enforcement.
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