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...
Refund of customs duty deposited during investigation was denied on unjust enrichment on the ground that the amount was booked as expenditure in the profit and loss account. This was held to be an incorrect test; the determinative inquiry is whether the duty incidence was passed to customers through enhanced sale price. As the invoices reflected only material cost, labour charges and VAT, with no recovery of customs duty, and there was no evidence of post-duty price increase, the burden was held not to have been passed on, making unjust enrichment inapplicable. The impugned order was set aside and refund was allowed. - CESTAT
Refund of customs duty deposited during investigation was denied on unjust enrichment on the ground that the amount was booked as expenditure in the profit and loss account. This was held to be an incorrect test; the determinative inquiry is whether the duty incidence was passed to customers through enhanced sale price. As the invoices reflected only material cost, labour charges and VAT, with no recovery of customs duty, and there was no evidence of post-duty price increase, the burden was held not to have been passed on, making unjust enrichment inapplicable. The impugned order was set aside and refund was allowed. - CESTAT
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