Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
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CESTAT held that the imported animal feed supplement (Nutracor 88) was correctly classified under CTH 23099090, invalidating the appellant's original classification. The tribunal rejected the revenue's attempt to invoke extended limitation period, finding no suppression of facts or intentional mis-declaration. The court set aside the demands raised under extended limitation, redemption fine, and penalty under Section 114A of the Customs Act. The appellant was required to pay differential duty for the normal limitation period without additional penalties, effectively partially allowing the appeal while maintaining the revised tariff classification.
CESTAT held that the imported animal feed supplement (Nutracor 88) was correctly classified under CTH 23099090, invalidating the appellant's original classification. The tribunal rejected the revenue's attempt to invoke extended limitation period, finding no suppression of facts or intentional mis-declaration. The court set aside the demands raised under extended limitation, redemption fine, and penalty under Section 114A of the Customs Act. The appellant was required to pay differential duty for the normal limitation period without additional penalties, effectively partially allowing the appeal while maintaining the revised tariff classification.
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