Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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CESTAT determined that while rejection of declared transaction value of imported thoroughbred horses under Rule 10A of Customs Valuation Rules, 1988 was justified due to significant discrepancies with auction prices, the subsequent valuation method was flawed. After rejecting transaction value, authorities applied Rule 8 directly, using Irish auction prices with adjustments. However, Rule 8(2)(iii) explicitly prohibits basing valuation on domestic prices in the country of export. Since the SCN acknowledged Rules 4-7A were inapplicable, and Rule 8 was improperly applied using auction prices, the demands for duty, confiscation, fines, and penalties were set aside. Appeal allowed.
CESTAT determined that while rejection of declared transaction value of imported thoroughbred horses under Rule 10A of Customs Valuation Rules, 1988 was justified due to significant discrepancies with auction prices, the subsequent valuation method was flawed. After rejecting transaction value, authorities applied Rule 8 directly, using Irish auction prices with adjustments. However, Rule 8(2)(iii) explicitly prohibits basing valuation on domestic prices in the country of export. Since the SCN acknowledged Rules 4-7A were inapplicable, and Rule 8 was improperly applied using auction prices, the demands for duty, confiscation, fines, and penalties were set aside. Appeal allowed.
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