Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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The dominant issue was whether Section 25(4) of the Customs Act, 1962 (as amended) and the enhanced duty notification could lawfully operate to demand a higher customs duty from the relevant date. Relying on binding precedent holding Section 25(4) arbitrary and contrary to Section 25(1) and 25(2A), and noting consistent views declaring it illegal and unconstitutional, the court held that the enhanced duty demand premised on Section 25(4) could not be sustained. Consequently, the impugned Bill of Entry was quashed and the authorities were directed to refund the excess duty with interest from the date of deposit until refund within three months. - HC
The dominant issue was whether Section 25(4) of the Customs Act, 1962 (as amended) and the enhanced duty notification could lawfully operate to demand a higher customs duty from the relevant date. Relying on binding precedent holding Section 25(4) arbitrary and contrary to Section 25(1) and 25(2A), and noting consistent views declaring it illegal and unconstitutional, the court held that the enhanced duty demand premised on Section 25(4) could not be sustained. Consequently, the impugned Bill of Entry was quashed and the authorities were directed to refund the excess duty with interest from the date of deposit until refund within three months. - HC
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