Export obligation removed by notification, customs duty demand invalidated; penalties under s.112 and s.114AA quashed due to inadmissible s.108 statem...
Customs officers must wear and use department-issued body-worn cameras when clearing passenger baggage, with daily secure transfer and 30-day retentio...
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The HC dismissed Revenue's appeal and upheld the Tribunal's orders: it affirmed that, in light of the SC precedent, the assessee is entitled to deduction under s.80IA(4) for power generated for captive consumption and that the market value may be determined by reference to comparable State Electricity Board rates, yielding a higher deduction where profits are higher. On interest disallowances under s.36(1)(iii) and s.14A, the HC agreed with the Tribunal that the blanket 10% disallowance was impermissible where borrowed funds were not shown to finance dividend-earning investments, and sustained the Tribunal's factual disallowance of Rs.91.80 lakh; it also accepted the consensual Rs.5 lakh disallowance in respect of other administrative expenses.
The HC dismissed Revenue's appeal and upheld the Tribunal's orders: it affirmed that, in light of the SC precedent, the assessee is entitled to deduction under s.80IA(4) for power generated for captive consumption and that the market value may be determined by reference to comparable State Electricity Board rates, yielding a higher deduction where profits are higher. On interest disallowances under s.36(1)(iii) and s.14A, the HC agreed with the Tribunal that the blanket 10% disallowance was impermissible where borrowed funds were not shown to finance dividend-earning investments, and sustained the Tribunal's factual disallowance of Rs.91.80 lakh; it also accepted the consensual Rs.5 lakh disallowance in respect of other administrative expenses.
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