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...
The dominant issues were (i) whether extended limitation and penal consequences for alleged misclassification were sustainable, and (ii) whether the adjudicating authority had jurisdiction to confirm demands for imports assessed outside its territorial jurisdiction. As Revenue produced no evidence contradicting import documents or past accepted practice, mala fides were not established; hence invocation of the extended period under s.28(4) was held untenable, disabling demands beyond the normal period and undermining confiscation, redemption fine and penalties. Further, absent empowerment as a common adjudicating authority, confirmation of demands for out-of-jurisdiction imports was held null and void ab initio and set aside. Reclassification and differential duty (with interest) were upheld only for door locks for the normal period and within jurisdiction; the remainder was quashed. - CESTAT
The dominant issues were (i) whether extended limitation and penal consequences for alleged misclassification were sustainable, and (ii) whether the adjudicating authority had jurisdiction to confirm demands for imports assessed outside its territorial jurisdiction. As Revenue produced no evidence contradicting import documents or past accepted practice, mala fides were not established; hence invocation of the extended period under s.28(4) was held untenable, disabling demands beyond the normal period and undermining confiscation, redemption fine and penalties. Further, absent empowerment as a common adjudicating authority, confirmation of demands for out-of-jurisdiction imports was held null and void ab initio and set aside. Reclassification and differential duty (with interest) were upheld only for door locks for the normal period and within jurisdiction; the remainder was quashed. - CESTAT
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