Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
On repeal/omission of CGST Rules 89(4B) and 96(10) by Notification dated 08 October 2024, and in the absence of any saving clause or applicability of Section 6 of the General Clauses Act, pending proceedings founded on the omitted provisions are not preserved; undisposed show cause notices, and orders (whether passed after 08 October 2024 or passed earlier but not yet final due to appeal/challenge and not "transactions past and closed") stand lapsed, leading to disposal of the petition. The revenue was left at liberty to initiate action on any other issue, with all contentions, including competence, kept open. - HC
On repeal/omission of CGST Rules 89(4B) and 96(10) by Notification dated 08 October 2024, and in the absence of any saving clause or applicability of Section 6 of the General Clauses Act, pending proceedings founded on the omitted provisions are not preserved; undisposed show cause notices, and orders (whether passed after 08 October 2024 or passed earlier but not yet final due to appeal/challenge and not "transactions past and closed") stand lapsed, leading to disposal of the petition. The revenue was left at liberty to initiate action on any other issue, with all contentions, including competence, kept open. - HC
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