Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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