Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
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CESTAT allowed the appeal of the importer, holding that the differential duty demand was unsustainable in law. The Bench found that the goods were provisionally assessed and no order finalising such provisional assessment under s.18 of the Customs Act had been passed. Consequently, the precondition for invoking s.28 was absent, and Revenue could not confirm differential duty, particularly without issuance of a show cause notice and beyond five years. The Tribunal further noted violation of principles of natural justice, including denial of cross-examination. As the CRCL reports only indicated non-conformity with Rubber Processing Oil specifications without proper re-classification or valuation basis, the impugned demands and orders were held void and were set aside.
CESTAT allowed the appeal of the importer, holding that the differential duty demand was unsustainable in law. The Bench found that the goods were provisionally assessed and no order finalising such provisional assessment under s.18 of the Customs Act had been passed. Consequently, the precondition for invoking s.28 was absent, and Revenue could not confirm differential duty, particularly without issuance of a show cause notice and beyond five years. The Tribunal further noted violation of principles of natural justice, including denial of cross-examination. As the CRCL reports only indicated non-conformity with Rubber Processing Oil specifications without proper re-classification or valuation basis, the impugned demands and orders were held void and were set aside.
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