Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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SC upheld the dismissal of the appellants' S.37 appeal, affirming the S.34 order and the arbitral award granting interest, including post-award interest, at 24% p.a. SC reiterated that under S.31(7)(a) the arbitral tribunal may award pre-award interest subject to contractual terms, while under S.31(7)(b) post-award interest is mandatory, with only the rate being discretionary; absent a specified rate, the statutory rate applies. The contractual rate of 24% p.a. was held not to offend public policy under S.34(2)(b), as exorbitance of interest alone does not constitute violation of the fundamental policy of Indian law unless it is shockingly perverse. The challenge based on the Usurious Loans Act, 1918 and related legislation was rejected. The appeal was dismissed.
SC upheld the dismissal of the appellants' S.37 appeal, affirming the S.34 order and the arbitral award granting interest, including post-award interest, at 24% p.a. SC reiterated that under S.31(7)(a) the arbitral tribunal may award pre-award interest subject to contractual terms, while under S.31(7)(b) post-award interest is mandatory, with only the rate being discretionary; absent a specified rate, the statutory rate applies. The contractual rate of 24% p.a. was held not to offend public policy under S.34(2)(b), as exorbitance of interest alone does not constitute violation of the fundamental policy of Indian law unless it is shockingly perverse. The challenge based on the Usurious Loans Act, 1918 and related legislation was rejected. The appeal was dismissed.
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