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...
Differential duty demand on imported gold bars under a "consignment sale" arrangement was examined on whether post-import remittances to the overseas supplier reflected a "sale" after import affecting transaction value under s.14. The Tribunal held valuation must follow CVR, 2007 sequentially; where declared value is based on the contemporaneous LBMA/LME-linked price, it constitutes the value of similar goods under Rule 5 and satisfies s.14, and Revenue having not disputed the benchmark could not revalue goods by adding post-import charges. Consequently, the declared bill of entry value was upheld, the impugned order was set aside, and the appeal was allowed with consequential relief; similar cases may be considered consistently as per law. - CESTAT
Differential duty demand on imported gold bars under a "consignment sale" arrangement was examined on whether post-import remittances to the overseas supplier reflected a "sale" after import affecting transaction value under s.14. The Tribunal held valuation must follow CVR, 2007 sequentially; where declared value is based on the contemporaneous LBMA/LME-linked price, it constitutes the value of similar goods under Rule 5 and satisfies s.14, and Revenue having not disputed the benchmark could not revalue goods by adding post-import charges. Consequently, the declared bill of entry value was upheld, the impugned order was set aside, and the appeal was allowed with consequential relief; similar cases may be considered consistently as per law. - CESTAT
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