Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
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 HC allowed the revenue's appeal, setting aside the tribunal's order that had permitted cancellation of the self-assessed bill of entry for home consumption. It was held that under the Customs Act, once assessment under Section 68(b) is complete, the importer must pay duty and interest if goods remain beyond 90 days in the warehouse, and there is no provision for withdrawal or cancellation of the bill of entry except where title to goods is relinquished. The Court found the tribunal erred in not considering whether the proper officer could act on the cancellation request dated 08.10.2021 and misapplied relevant legal principles, including Section 46(5). The ruling affirmed that the request for cancellation was not maintainable, and the importer is obligated to clear goods on payment of duty and interest. Substantial questions of law were answered in favor of the revenue.
The HC allowed the revenue's appeal, setting aside the tribunal's order that had permitted cancellation of the self-assessed bill of entry for home consumption. It was held that under the Customs Act, once assessment under Section 68(b) is complete, the importer must pay duty and interest if goods remain beyond 90 days in the warehouse, and there is no provision for withdrawal or cancellation of the bill of entry except where title to goods is relinquished. The Court found the tribunal erred in not considering whether the proper officer could act on the cancellation request dated 08.10.2021 and misapplied relevant legal principles, including Section 46(5). The ruling affirmed that the request for cancellation was not maintainable, and the importer is obligated to clear goods on payment of duty and interest. Substantial questions of law were answered in favor of the revenue.
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