Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Imported network interface cards/communication modules were classifiable as "parts" under CTI 8517 70 90, not as machines under CTI 8517 62 90, because an article is not a "part" only if it can perform an independent individual function on a standalone basis; here the goods could not communicate or achieve the intended transmission function unless slotted/assembled and configured with other components, akin to parts that are functionally inseparable from the host apparatus, so the reclassification demand failed. Invocation of the extended limitation period was unsustainable because mere self-assessment and an alleged revenue-motivated classification did not establish willful misstatement or suppression on the facts, so the demand was time-barred; the impugned order was set aside and the appeal allowed. - CESTAT
Imported network interface cards/communication modules were classifiable as "parts" under CTI 8517 70 90, not as machines under CTI 8517 62 90, because an article is not a "part" only if it can perform an independent individual function on a standalone basis; here the goods could not communicate or achieve the intended transmission function unless slotted/assembled and configured with other components, akin to parts that are functionally inseparable from the host apparatus, so the reclassification demand failed. Invocation of the extended limitation period was unsustainable because mere self-assessment and an alleged revenue-motivated classification did not establish willful misstatement or suppression on the facts, so the demand was time-barred; the impugned order was set aside and the appeal allowed. - CESTAT
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