Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The CESTAT allowed the appeal, set aside the impugned orders and directed classification of the imported product as "Quicklime" under Customs Tariff Item 2522 1000. Applying s.17(4) of the Customs Act, 1962 and relying on comparable tribunal precedent, the Tribunal accepted chemical analysis showing Calcium Oxide purity below 98% (circa 92%), concluding the product lacks the requisite purity for classification under tariff entries for higher-purity grades and is therefore properly classifiable under heading 2522. The appeal succeeds; assessment and classification in the Bills of Entry must be adjusted accordingly in favour of the Appellant and against the Respondent.
The CESTAT allowed the appeal, set aside the impugned orders and directed classification of the imported product as "Quicklime" under Customs Tariff Item 2522 1000. Applying s.17(4) of the Customs Act, 1962 and relying on comparable tribunal precedent, the Tribunal accepted chemical analysis showing Calcium Oxide purity below 98% (circa 92%), concluding the product lacks the requisite purity for classification under tariff entries for higher-purity grades and is therefore properly classifiable under heading 2522. The appeal succeeds; assessment and classification in the Bills of Entry must be adjusted accordingly in favour of the Appellant and against the Respondent.
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