Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Interpretation of the Interest Equalisation Scheme and DGFT clarification on whether interest subvention reduces from 5% to 3% from 1 October 2021 for export credit whose tenor extends beyond 30 September 2021 was decided by holding that the phrase "only for the period upto 30th September, 2021" governs benefits to be passed on by the bank, not the credit tenor, and the DGFT clarification confirms tenor is irrelevant. As the bank had discounted export bills and upfront passed the 5% benefit knowing the credit ran beyond 30 September 2021, it could not later claw back the differential; recovery from the exporter was wrongful. Refund of the recovered amount with 8% interest from the recovery date and costs was decreed. - HC
Interpretation of the Interest Equalisation Scheme and DGFT clarification on whether interest subvention reduces from 5% to 3% from 1 October 2021 for export credit whose tenor extends beyond 30 September 2021 was decided by holding that the phrase "only for the period upto 30th September, 2021" governs benefits to be passed on by the bank, not the credit tenor, and the DGFT clarification confirms tenor is irrelevant. As the bank had discounted export bills and upfront passed the 5% benefit knowing the credit ran beyond 30 September 2021, it could not later claw back the differential; recovery from the exporter was wrongful. Refund of the recovered amount with 8% interest from the recovery date and costs was decreed. - HC
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