Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Pressure relief valves used in a common rail fuel injection system were held classifiable as "safety or relief valves" under CTI 8481 40 00, not as diesel engine parts under CTI 8409 99 41. Applying Section Note 2 to Section XVI and the HSN Explanatory Notes, parts that are complete valves are classifiable in their specific heading even if designed for use with a particular machine, and resort to Section Note 2(b) arises only if Section Note 2(a) does not apply. As the goods were complete valves that merely relieve excess pressure and do not regulate fluid flow as machinery parts, reclassification under CTI 8409 99 41 was rejected and the appeal was allowed. - CESTAT
Pressure relief valves used in a common rail fuel injection system were held classifiable as "safety or relief valves" under CTI 8481 40 00, not as diesel engine parts under CTI 8409 99 41. Applying Section Note 2 to Section XVI and the HSN Explanatory Notes, parts that are complete valves are classifiable in their specific heading even if designed for use with a particular machine, and resort to Section Note 2(b) arises only if Section Note 2(a) does not apply. As the goods were complete valves that merely relieve excess pressure and do not regulate fluid flow as machinery parts, reclassification under CTI 8409 99 41 was rejected and the appeal was allowed. - CESTAT
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