Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
HC upheld the confiscation of imported goods under Section 111(m) CA, 1962, holding that the assessee had admitted multiple valuation errors and accepted the enhanced assessable value determined by the Department. The plea to treat design charges as separately assessable at Nil duty, based on exemption notifications for "plans, drawings and designs," was rejected as inapplicable to design charges forming part of machinery value and contrary to the assessee's earlier admissions under Rule 12. Consequently, invocation of Section 112 for penalty was sustained, with limited discretion available. All substantial questions of law were answered in favour of the revenue and against the assessee.
HC upheld the confiscation of imported goods under Section 111(m) CA, 1962, holding that the assessee had admitted multiple valuation errors and accepted the enhanced assessable value determined by the Department. The plea to treat design charges as separately assessable at Nil duty, based on exemption notifications for "plans, drawings and designs," was rejected as inapplicable to design charges forming part of machinery value and contrary to the assessee's earlier admissions under Rule 12. Consequently, invocation of Section 112 for penalty was sustained, with limited discretion available. All substantial questions of law were answered in favour of the revenue and against the assessee.
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