Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
NCLAT allowed in part and disposed the appeal, setting aside the public notice and upholding directions for a fresh Swiss-challenge private sale with revised notice publication and reasonable EMD. The court held the applicant lacked standing to impugn the sale initially, but its grievances regarding compressed timelines, opaque Process Document and impediments to meaningful participation were well-founded; the Process Document frustrated competitive bidding and value maximization. NCLAT ruled that prior permission of the Adjudicating Authority is required for private sale under the LPR and its absence amounted to infraction, though prior approval already granted by the Adjudicating Authority cured certain defects. Allegations of collusion between the SCC member and the anchor bidder were unsupported.
NCLAT allowed in part and disposed the appeal, setting aside the public notice and upholding directions for a fresh Swiss-challenge private sale with revised notice publication and reasonable EMD. The court held the applicant lacked standing to impugn the sale initially, but its grievances regarding compressed timelines, opaque Process Document and impediments to meaningful participation were well-founded; the Process Document frustrated competitive bidding and value maximization. NCLAT ruled that prior permission of the Adjudicating Authority is required for private sale under the LPR and its absence amounted to infraction, though prior approval already granted by the Adjudicating Authority cured certain defects. Allegations of collusion between the SCC member and the anchor bidder were unsupported.
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