Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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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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