Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
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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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