Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Central issue: whether the Principal Commissioner's condition requiring a Bank Guarantee for 100% of estimated differential duty plus anticipated fine and penalties for provisional release of imported goods was onerous and inconsistent with prior provisional clearances. Reasoning: authority's own contemporaneous provisional assessments had accepted a bond for value and a 50% Bank Guarantee of estimated differential duty for similar imports, making the 100% requirement disproportionate and inconsistent. Outcome: direction to modify the Bank Guarantee requirement to 50% of estimated differential duty; other conditions remain; provisional release ordered upon furnishing the bond and 50% BG within the prescribed short timeline. - HC
Central issue: whether the Principal Commissioner's condition requiring a Bank Guarantee for 100% of estimated differential duty plus anticipated fine and penalties for provisional release of imported goods was onerous and inconsistent with prior provisional clearances. Reasoning: authority's own contemporaneous provisional assessments had accepted a bond for value and a 50% Bank Guarantee of estimated differential duty for similar imports, making the 100% requirement disproportionate and inconsistent. Outcome: direction to modify the Bank Guarantee requirement to 50% of estimated differential duty; other conditions remain; provisional release ordered upon furnishing the bond and 50% BG within the prescribed short timeline. - HC
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