Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
Advance not reflected as borrowing in the balance sheet does not acquire the character of financial debt; therefore classification in accounts is determinative of financial debt character and precludes claim as such. A loan expressly restricted by contract to land development and diverted the same day to purchase a personal luxury car constituted misuse of corporate funds and breached the loan diversion clause, rendering the transaction non-genuine and the claim bonafide-disputed. Directors role in permitting diversion engages responsibility for misuse. Where a transaction is found to have defrauded creditors, the claim may be rejected and the transaction declared void.
Advance not reflected as borrowing in the balance sheet does not acquire the character of financial debt; therefore classification in accounts is determinative of financial debt character and precludes claim as such. A loan expressly restricted by contract to land development and diverted the same day to purchase a personal luxury car constituted misuse of corporate funds and breached the loan diversion clause, rendering the transaction non-genuine and the claim bonafide-disputed. Directors role in permitting diversion engages responsibility for misuse. Where a transaction is found to have defrauded creditors, the claim may be rejected and the transaction declared void.
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