Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
The dominant issue was whether an import licence condition stating that import of gold dore bars was "subject to" a 2012 customs notification barred availment of a separate 2008 exemption notification. The tribunal held that the licence did not expressly prohibit other applicable exemptions; therefore, if an exemption notification fully exempted duty, the importer could lawfully claim it notwithstanding the licence reference to the 2012 notification, and the Commissioner's "if and only if" reading was unsustainable. It further held that customs could not question the validity of a DGFT-issued licence unless it was cancelled by DGFT, and hence duty demand under s.28(1), penalty under s.112(a)(ii), and redemption fine could not survive; the order was set aside and appeal allowed - CESTAT
The dominant issue was whether an import licence condition stating that import of gold dore bars was "subject to" a 2012 customs notification barred availment of a separate 2008 exemption notification. The tribunal held that the licence did not expressly prohibit other applicable exemptions; therefore, if an exemption notification fully exempted duty, the importer could lawfully claim it notwithstanding the licence reference to the 2012 notification, and the Commissioner's "if and only if" reading was unsustainable. It further held that customs could not question the validity of a DGFT-issued licence unless it was cancelled by DGFT, and hence duty demand under s.28(1), penalty under s.112(a)(ii), and redemption fine could not survive; the order was set aside and appeal allowed - CESTAT
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