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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Failure to satisfy condition (installation/use) of Notification No.92/2004-Cus: tribunal found the installation certificate was false and goods remained uninstalled, establishing non-fulfilment and authorising action under the Customs Act; consequence - confiscation under s.111(o) and liability for penalties upheld. Payment of differential duty before notice: treated as an election to opt out of exemption framework; consequence - duty payment accepted but did not negate liability for misdeclaration. Quantum of monetary sanctions: tribunal exercised mitigating discretion and reduced redemption fine and penalties; consequence - redemption fine reduced from Rs.10,00,000 to Rs.1,00,000 and specified penalties on the importer and chartered engineer substantially reduced. - CESTAT
Failure to satisfy condition (installation/use) of Notification No.92/2004-Cus: tribunal found the installation certificate was false and goods remained uninstalled, establishing non-fulfilment and authorising action under the Customs Act; consequence - confiscation under s.111(o) and liability for penalties upheld. Payment of differential duty before notice: treated as an election to opt out of exemption framework; consequence - duty payment accepted but did not negate liability for misdeclaration. Quantum of monetary sanctions: tribunal exercised mitigating discretion and reduced redemption fine and penalties; consequence - redemption fine reduced from Rs.10,00,000 to Rs.1,00,000 and specified penalties on the importer and chartered engineer substantially reduced. - CESTAT
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