Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
HC held that under the unamended Section 3(12) of Customs Tariff Act, 1975, imposing interest, penalty, and redemption fine on IGST was without legal authority. Following the precedent in Mahindra & Mahindra Limited, the court quashed the impugned order levying interest and penalties. The amendment to Section 3(12) by Finance Act, 2024 is prospective, applicable only from 16th August, 2024. Additionally, a trade notice allowed regularization of imports under Advance Authorization Scheme that could not meet pre-import conditions, further supporting the court's decision to set aside confiscation and redemption fine. Petition allowed.
HC held that under the unamended Section 3(12) of Customs Tariff Act, 1975, imposing interest, penalty, and redemption fine on IGST was without legal authority. Following the precedent in Mahindra & Mahindra Limited, the court quashed the impugned order levying interest and penalties. The amendment to Section 3(12) by Finance Act, 2024 is prospective, applicable only from 16th August, 2024. Additionally, a trade notice allowed regularization of imports under Advance Authorization Scheme that could not meet pre-import conditions, further supporting the court's decision to set aside confiscation and redemption fine. Petition allowed.
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