NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
The dominant issue was whether imported "penetrating oil-60" was correctly classifiable as a lubricating preparation under CTH 3403 9900 or as adulterated diesel/petroleum product under CTH 2710 1990 with consequential valuation enhancement. The Department's reliance on hydrocarbon content exceeding 70% and presence of lighter hydrocarbons to treat the goods as "adulterated diesel" was rejected, since penetrating oils commonly contain 80-90% petroleum distillates plus additives, and the test reports did not establish equivalence with diesel or IS 1460 conformity. The Tribunal held that CTH 3403 can cover preparations where petroleum oils are the basic constituent, and the contrary interpretation was erroneous; the Department failed to discharge the burden to reclassify. Appeals allowed. - CESTAT
The dominant issue was whether imported "penetrating oil-60" was correctly classifiable as a lubricating preparation under CTH 3403 9900 or as adulterated diesel/petroleum product under CTH 2710 1990 with consequential valuation enhancement. The Department's reliance on hydrocarbon content exceeding 70% and presence of lighter hydrocarbons to treat the goods as "adulterated diesel" was rejected, since penetrating oils commonly contain 80-90% petroleum distillates plus additives, and the test reports did not establish equivalence with diesel or IS 1460 conformity. The Tribunal held that CTH 3403 can cover preparations where petroleum oils are the basic constituent, and the contrary interpretation was erroneous; the Department failed to discharge the burden to reclassify. Appeals allowed. - CESTAT
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