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Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
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Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
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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