Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
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CESTAT ruled in favor of the appellant regarding BIS marking requirements on imported Stainless Steel products. The shipment occurred on January 13, 2017, before the Stainless Steel Products (Quality Control Order) 2016 came into effect on February 7, 2017. As per Foreign Trade Policy 2015-2020, import date is considered as the shipment date. The tribunal rejected the argument that prior knowledge of upcoming regulations created an obligation to affix BIS marks. Following precedent from Metro Bright Bar India case, CESTAT held that since shipment predated the Quality Control Order's implementation, BIS marking was not required. The confiscation, redemption fine, and penalties were set aside, and the appeal was allowed.
CESTAT ruled in favor of the appellant regarding BIS marking requirements on imported Stainless Steel products. The shipment occurred on January 13, 2017, before the Stainless Steel Products (Quality Control Order) 2016 came into effect on February 7, 2017. As per Foreign Trade Policy 2015-2020, import date is considered as the shipment date. The tribunal rejected the argument that prior knowledge of upcoming regulations created an obligation to affix BIS marks. Following precedent from Metro Bright Bar India case, CESTAT held that since shipment predated the Quality Control Order's implementation, BIS marking was not required. The confiscation, redemption fine, and penalties were set aside, and the appeal was allowed.
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