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Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The CESTAT upheld the levy of penalty under section 112(a) of the Customs Act, 1962, against the appellant as the High Sea Seller for procuring a fabricated pre-shipment inspection certificate (PSIC) related to the import of metal scrap from Mauritius. The tribunal emphasized the gravity of issuing a defective certificate, given the potential presence of hazardous materials, which poses serious risks to public safety. The appellant's contention regarding valuation was rejected since valuation pertains to the importer's liability, and the importer's appeal on valuation had already been allowed by the Commissioner (Appeals). The penalty was reduced to Rs. 1 lakh, and the appeal was otherwise dismissed, affirming the imposition of penalty for the procedural violation involving the defective PSIC.
The CESTAT upheld the levy of penalty under section 112(a) of the Customs Act, 1962, against the appellant as the High Sea Seller for procuring a fabricated pre-shipment inspection certificate (PSIC) related to the import of metal scrap from Mauritius. The tribunal emphasized the gravity of issuing a defective certificate, given the potential presence of hazardous materials, which poses serious risks to public safety. The appellant's contention regarding valuation was rejected since valuation pertains to the importer's liability, and the importer's appeal on valuation had already been allowed by the Commissioner (Appeals). The penalty was reduced to Rs. 1 lakh, and the appeal was otherwise dismissed, affirming the imposition of penalty for the procedural violation involving the defective PSIC.
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