Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Dominant issue 1: Whether transaction value must be fixed by contemporaneous imports under Valuation Rule 4 when declared goods differ in specification. Reasoning: Proper officer reasonably doubted declared value because invoices stated 0.62 mm thickness while actual fabric measured 0.74-0.81 mm (19-30% higher); contemporaneous identical imports showed U.S.$1.80 and $1.85 per metre, so Rule 4 mandates the lower contemporaneous transaction value. Outcome: Assessable value, differential duty and penalty under s.114A are re-determined using U.S.$1.80/m. Dominant issue 2: Whether mis-declaration and confiscation, redemption fine and director penalty justified. Reasoning: Import was mis-declared (s.111(m)); redemption fine was modest and director penalty under s.112(a) was appropriate. Outcome: Confiscation, redemption fine and director penalty upheld. - CESTAT
Dominant issue 1: Whether transaction value must be fixed by contemporaneous imports under Valuation Rule 4 when declared goods differ in specification. Reasoning: Proper officer reasonably doubted declared value because invoices stated 0.62 mm thickness while actual fabric measured 0.74-0.81 mm (19-30% higher); contemporaneous identical imports showed U.S.$1.80 and $1.85 per metre, so Rule 4 mandates the lower contemporaneous transaction value. Outcome: Assessable value, differential duty and penalty under s.114A are re-determined using U.S.$1.80/m. Dominant issue 2: Whether mis-declaration and confiscation, redemption fine and director penalty justified. Reasoning: Import was mis-declared (s.111(m)); redemption fine was modest and director penalty under s.112(a) was appropriate. Outcome: Confiscation, redemption fine and director penalty upheld. - CESTAT
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