Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
The CESTAT held that the customs authorities lacked the legal authority to impose duty liability or confiscate the salvage equipment imported for the MSC Chitra incident. The Customs Act, 1962 provisions for duty assessment and levy are subject to maritime laws governing transit of vessels in distress. As the imported goods were used for salvaging the foreign-going vessel under customs approval, invoking Sections 28, 111(n), 111(o), 114A, and 114AA of the Customs Act to demand duty, confiscation, and penalties was without merit. Consequently, the appeals were allowed, and the impugned orders were set aside.
The CESTAT held that the customs authorities lacked the legal authority to impose duty liability or confiscate the salvage equipment imported for the MSC Chitra incident. The Customs Act, 1962 provisions for duty assessment and levy are subject to maritime laws governing transit of vessels in distress. As the imported goods were used for salvaging the foreign-going vessel under customs approval, invoking Sections 28, 111(n), 111(o), 114A, and 114AA of the Customs Act to demand duty, confiscation, and penalties was without merit. Consequently, the appeals were allowed, and the impugned orders were set aside.
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