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...
Imported "actuator assy. clutch" and "tube connector assy.-clutch" were examined for classification under CTI 8708 9300 (parts of clutch) versus CTI 8708 9900 (other parts and accessories). Prior classifications were held irrelevant because res judicata and estoppel do not apply in taxation, and correct tariff classification must prevail. On merits, the items were found to be accessories/gear-shifting mechanism rather than parts of a complete clutch assembly; tariff entries could not be interpreted through notifications. They were therefore classifiable under the residual CTI 8708 9900, and consequential confiscation, redemption fine, and penalties were set aside; the departmental appeal failed and the importer's appeal succeeded with consequential benefits. - CESTAT
Imported "actuator assy. clutch" and "tube connector assy.-clutch" were examined for classification under CTI 8708 9300 (parts of clutch) versus CTI 8708 9900 (other parts and accessories). Prior classifications were held irrelevant because res judicata and estoppel do not apply in taxation, and correct tariff classification must prevail. On merits, the items were found to be accessories/gear-shifting mechanism rather than parts of a complete clutch assembly; tariff entries could not be interpreted through notifications. They were therefore classifiable under the residual CTI 8708 9900, and consequential confiscation, redemption fine, and penalties were set aside; the departmental appeal failed and the importer's appeal succeeded with consequential benefits. - CESTAT
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