Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
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The CESTAT held that Section 28AAA of the Customs Act, 1962, invoked by the Revenue for recovery of duty foregone, requires establishing collusion, willful misrepresentation or suppression of facts at the time of obtaining the instrument for exemption. Mere non-repatriation of export proceeds does not automatically erase eligibility for exemption. The Tribunal found no evidence of the required ingredients u/s 28AAA to justify recovery of duty foregone or cancellation of bank realization certificates. The alleged mis-declaration of goods did not warrant confiscation u/s 113(d) as the goods were not prohibited for export. The demands for recovery of drawback, duty foregone, and confiscation of goods were quashed. Penalties imposed on individuals were also set aside due to lack of sustainable grounds. The Tribunal dismissed the Revenue's appeals and allowed the appeals of exporters and individuals.
The CESTAT held that Section 28AAA of the Customs Act, 1962, invoked by the Revenue for recovery of duty foregone, requires establishing collusion, willful misrepresentation or suppression of facts at the time of obtaining the instrument for exemption. Mere non-repatriation of export proceeds does not automatically erase eligibility for exemption. The Tribunal found no evidence of the required ingredients u/s 28AAA to justify recovery of duty foregone or cancellation of bank realization certificates. The alleged mis-declaration of goods did not warrant confiscation u/s 113(d) as the goods were not prohibited for export. The demands for recovery of drawback, duty foregone, and confiscation of goods were quashed. Penalties imposed on individuals were also set aside due to lack of sustainable grounds. The Tribunal dismissed the Revenue's appeals and allowed the appeals of exporters and individuals.
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