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)...
CESTAT allowed the appeal and set aside the impugned orders, holding that the imported quicklime (lump form) is correctly classifiable under Customs Tariff Item 2522.1000 as claimed by the appellant-assessee. Relying on the Tribunal's prior decision and material facts, the Bench found the CaO purity in the consignments to be below 98%, thereby excluding them from Chapter sub-heading 2825.9090 which covers CaO of 98% purity or more. In absence of contrary evidence from Revenue, the reclassification to 2825.9090 was rejected and the original assessment under 2522.1000 was upheld, with consequential relief to the appellant.
CESTAT allowed the appeal and set aside the impugned orders, holding that the imported quicklime (lump form) is correctly classifiable under Customs Tariff Item 2522.1000 as claimed by the appellant-assessee. Relying on the Tribunal's prior decision and material facts, the Bench found the CaO purity in the consignments to be below 98%, thereby excluding them from Chapter sub-heading 2825.9090 which covers CaO of 98% purity or more. In absence of contrary evidence from Revenue, the reclassification to 2825.9090 was rejected and the original assessment under 2522.1000 was upheld, with consequential relief to the appellant.
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