Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The High Court dismissed the appeal and upheld the final assessment order levying export duty on iron ore fines and pellets based on the Dry Metric Tonne (DMT) basis. The Court found no dispute regarding the private test report relied upon by the assessing authority and the first appellate authority. While there were submissions questioning the timing of the test report, the Court accepted the revenue's reliance on the circular dated 17th November 2014, which prescribed the procedure for uniform, transparent, and consistent assessment of export of iron ore fines and pellets. The Court held that the contractual specifications could not be solely relied upon for determining the export duty payable, and the authorities rightly considered the private test report for final assessment.
The High Court dismissed the appeal and upheld the final assessment order levying export duty on iron ore fines and pellets based on the Dry Metric Tonne (DMT) basis. The Court found no dispute regarding the private test report relied upon by the assessing authority and the first appellate authority. While there were submissions questioning the timing of the test report, the Court accepted the revenue's reliance on the circular dated 17th November 2014, which prescribed the procedure for uniform, transparent, and consistent assessment of export of iron ore fines and pellets. The Court held that the contractual specifications could not be solely relied upon for determining the export duty payable, and the authorities rightly considered the private test report for final assessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
