Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
CESTAT held that export consignments comprising mixed Iron Ore fines and low-percentage lumps could not be classified as Iron Ore lumps for levy of higher export duty, as lumps were not the predominant component. The Tribunal further ruled that export duty and value must be determined on the basis of Fe content and moisture percentage ascertained at the discharge port in terms of the export contracts, and that the declared transaction value could not be rejected without strictly following the Customs Valuation Rules and affording the exporters due opportunity. However, CESTAT upheld denial of cum-duty benefit, holding FOB value as the transaction value for export duty from 01.01.2009. Departmental appeals were dismissed; exporters' appeals were allowed to the above extent.
CESTAT held that export consignments comprising mixed Iron Ore fines and low-percentage lumps could not be classified as Iron Ore lumps for levy of higher export duty, as lumps were not the predominant component. The Tribunal further ruled that export duty and value must be determined on the basis of Fe content and moisture percentage ascertained at the discharge port in terms of the export contracts, and that the declared transaction value could not be rejected without strictly following the Customs Valuation Rules and affording the exporters due opportunity. However, CESTAT upheld denial of cum-duty benefit, holding FOB value as the transaction value for export duty from 01.01.2009. Departmental appeals were dismissed; exporters' appeals were allowed to the above extent.
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TaxTMI 
TaxTMI 
of 4884 
