Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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The HC upheld the impugned judgment in full and dismissed the appeal. The court found the revocation of the IPLOI (as amended) and subsequent invocation of the unconditional bank guarantee valid under the contractual terms: the Appellants defaulted, Clause 11 and the Addendum authorized termination and invocation, and the IPLOI prevailed over any RFP discrepancy. The Section 7 application filed by Respondent No.1 was not admitted before revocation and was ultimately dismissed as infructuous, so no actionable fraud was attributable to Respondent No.1; allegations of fraud were unpleaded and unproved. The court declined to restrain invocation of the unconditional BG absent egregious fraud or irretrievable injustice.
The HC upheld the impugned judgment in full and dismissed the appeal. The court found the revocation of the IPLOI (as amended) and subsequent invocation of the unconditional bank guarantee valid under the contractual terms: the Appellants defaulted, Clause 11 and the Addendum authorized termination and invocation, and the IPLOI prevailed over any RFP discrepancy. The Section 7 application filed by Respondent No.1 was not admitted before revocation and was ultimately dismissed as infructuous, so no actionable fraud was attributable to Respondent No.1; allegations of fraud were unpleaded and unproved. The court declined to restrain invocation of the unconditional BG absent egregious fraud or irretrievable injustice.
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