Promissory note presumption of consideration survives blank-signature and income-tax non-disclosure objections when admissions and attesting evidence ...
CESTAT determined goods were correctly classified under Chapter 3403 for lubricating preparations, rejecting appellant's claim for exemption under Chapter 1518. The tribunal found no intentional suppression of facts, thus limiting duty demand to normal limitation period and setting aside penalties against both the company and proprietor. Extended limitation period was deemed unsustainable, and no separate penalty was imposed. The appeal was ultimately disposed of, with the appellant required to pay duties within the standard limitation timeframe.
CESTAT determined goods were correctly classified under Chapter 3403 for lubricating preparations, rejecting appellant's claim for exemption under Chapter 1518. The tribunal found no intentional suppression of facts, thus limiting duty demand to normal limitation period and setting aside penalties against both the company and proprietor. Extended limitation period was deemed unsustainable, and no separate penalty was imposed. The appeal was ultimately disposed of, with the appellant required to pay duties within the standard limitation timeframe.
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