Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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The text clarifies that the term importer encompasses the actual importer, owner, beneficial owner and any person holding himself out as importer, making an IEC holder liable despite not being the legal owner; consequence: such importer bears full import liabilities. Prohibited goods' value was assessed and penalties under the customs penalty regime may equate to the value of goods; consequence: section 112 exposure equals goods' value. False declarations in Bills of Entry attract penalties for knowingly false declarations, potentially up to multiples of goods' value; consequence: a penalty amounting to roughly 11% of value was regarded as just and maintained.
The text clarifies that the term importer encompasses the actual importer, owner, beneficial owner and any person holding himself out as importer, making an IEC holder liable despite not being the legal owner; consequence: such importer bears full import liabilities. Prohibited goods' value was assessed and penalties under the customs penalty regime may equate to the value of goods; consequence: section 112 exposure equals goods' value. False declarations in Bills of Entry attract penalties for knowingly false declarations, potentially up to multiples of goods' value; consequence: a penalty amounting to roughly 11% of value was regarded as just and maintained.
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