Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Demand of excise duty based solely on shortage of finished goods detected on physical verification was held unsustainable because mere shortage, absent corroborative evidence, does not establish clandestine removal; the demand and allied penalty were set aside. Cenvat credit on steel items used for base structures/shades and related works was held admissible since the contrary Larger Bench view stood overturned and the amended input definition supported credit; denial was set aside. Credit on capital goods received after the unit became operational was allowed as timing of receipt, without dispute on receipt/use, is not a bar. Where the show cause notice invoked the extended period on interpretational issues, extended limitation failed and, the notice being composite, the entire demand (including normal period) was quashed; consequential relief followed. - CESTAT
Demand of excise duty based solely on shortage of finished goods detected on physical verification was held unsustainable because mere shortage, absent corroborative evidence, does not establish clandestine removal; the demand and allied penalty were set aside. Cenvat credit on steel items used for base structures/shades and related works was held admissible since the contrary Larger Bench view stood overturned and the amended input definition supported credit; denial was set aside. Credit on capital goods received after the unit became operational was allowed as timing of receipt, without dispute on receipt/use, is not a bar. Where the show cause notice invoked the extended period on interpretational issues, extended limitation failed and, the notice being composite, the entire demand (including normal period) was quashed; consequential relief followed. - CESTAT
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