Revenue classification: agricultural land treated as capital asset under s.2(14)(iii)(b); consideration fixed at Rs.1,00,44,000; s.54F exemption allow...
Appeal allowed, exemption under section 11 restored for not-for-profit company under section 12A carrying out charitable activities including micro-fi...
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CESTAT allowed the appeal and set aside a Rs.3,00,000 penalty imposed under s.112(b) of the Customs Act, 1962. The Tribunal held the appellant was neither owner nor party concerned with carriage or concealment of the foreign-origin garments, which were not covered by s.123 nor notified under s.11. The goods had been subjected to statutory physical examination, cleared on examination, and lawful possession and sale were supported by invoices, GST returns and Bills of Entry; ownership had transferred on sale. The Tribunal found no basis for imposition of s.112(b) penalty on the appellant and quashed the levy; appeal allowed.
CESTAT allowed the appeal and set aside a Rs.3,00,000 penalty imposed under s.112(b) of the Customs Act, 1962. The Tribunal held the appellant was neither owner nor party concerned with carriage or concealment of the foreign-origin garments, which were not covered by s.123 nor notified under s.11. The goods had been subjected to statutory physical examination, cleared on examination, and lawful possession and sale were supported by invoices, GST returns and Bills of Entry; ownership had transferred on sale. The Tribunal found no basis for imposition of s.112(b) penalty on the appellant and quashed the levy; appeal allowed.
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