ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
CESTAT allowed the appeal and set aside seizure, confiscation under s.111(d) of the Customs Act and the imposition of redemption fine and related penalty, holding that the importer acted with bona fide belief in declaring transaction value, responded to EDI queries and paid duties demanded under the DGFT notification while challenges to that notification were pending. The Tribunal found the matter to be one of reassessment of the bill of entry where no malafide or evasion was established and the adjudicating authority failed to record sufficient reasons for confiscation and redemption fine. Consequential orders imposing forfeiture and fines are quashed.
CESTAT allowed the appeal and set aside seizure, confiscation under s.111(d) of the Customs Act and the imposition of redemption fine and related penalty, holding that the importer acted with bona fide belief in declaring transaction value, responded to EDI queries and paid duties demanded under the DGFT notification while challenges to that notification were pending. The Tribunal found the matter to be one of reassessment of the bill of entry where no malafide or evasion was established and the adjudicating authority failed to record sufficient reasons for confiscation and redemption fine. Consequential orders imposing forfeiture and fines are quashed.
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