Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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The CESTAT allowed the appeal against confiscation of gold, holding that the seizure by customs officials lacked reasonable belief of the goods being smuggled as mandated u/s 123 of the Customs Act, 1962. The appellant successfully discharged the burden of proof by producing documents regarding procurement of the gold. Confiscation u/s 111(d) was held unsustainable as the gold was importable subject to conditions. The absence of reasonable belief vitiated the entire proceedings, rendering the show cause notice and consequent adjudication bad in law.
The CESTAT allowed the appeal against confiscation of gold, holding that the seizure by customs officials lacked reasonable belief of the goods being smuggled as mandated u/s 123 of the Customs Act, 1962. The appellant successfully discharged the burden of proof by producing documents regarding procurement of the gold. Confiscation u/s 111(d) was held unsustainable as the gold was importable subject to conditions. The absence of reasonable belief vitiated the entire proceedings, rendering the show cause notice and consequent adjudication bad in law.
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