Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
HC declined to adjudicate the substantive merits and limited its review to the provisional release order, finding some conditions unduly onerous. The court modified the provisional release terms: the Petitioner must remit the full duty declared by it and pay 50% of the differential duty assessed by the Department on re-determination of value. The HC set aside the requirement to furnish a Bank Guarantee of Rs.11,00,000 and held the remaining conditions adequate to protect the Department's interest while permitting release. Consequential direction follows for release of the goods on compliance with the altered financial conditions. Writ petition disposed.
HC declined to adjudicate the substantive merits and limited its review to the provisional release order, finding some conditions unduly onerous. The court modified the provisional release terms: the Petitioner must remit the full duty declared by it and pay 50% of the differential duty assessed by the Department on re-determination of value. The HC set aside the requirement to furnish a Bank Guarantee of Rs.11,00,000 and held the remaining conditions adequate to protect the Department's interest while permitting release. Consequential direction follows for release of the goods on compliance with the altered financial conditions. Writ petition disposed.
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