Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
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CESTAT upheld recovery of drawback under Rules 16 and 16A of the Drawback Rules, 1995 read with s.75 of the Customs Act, 1962, holding that recovery (with interest) was sustainable where sale proceeds were not genuinely realised from the purported buyers and remittances could not be accepted as proceeds; the Tribunal found the DRI conducted independent enquiries and issued an SCN without undue delay and that no limitation is prescribed for such recovery. The Tribunal set aside the penalty imposed under s.114(i) and (iii). Consequentially the appeal is allowed in part: recovery with interest sustained; penalty under s.114 vacated.
CESTAT upheld recovery of drawback under Rules 16 and 16A of the Drawback Rules, 1995 read with s.75 of the Customs Act, 1962, holding that recovery (with interest) was sustainable where sale proceeds were not genuinely realised from the purported buyers and remittances could not be accepted as proceeds; the Tribunal found the DRI conducted independent enquiries and issued an SCN without undue delay and that no limitation is prescribed for such recovery. The Tribunal set aside the penalty imposed under s.114(i) and (iii). Consequentially the appeal is allowed in part: recovery with interest sustained; penalty under s.114 vacated.
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