Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Admissibility of electronic printouts and statements recorded under section 108 in customs valuation was the central issue. Tribunal found absence of evidence about how printouts were produced, lack of certificates and no recording in Panchnamas meant the printouts could not be relied upon for undervaluation findings, so the re-determination of transaction value, differential duty and penalties could not be sustained; consequently the impugned reassessment and related demands/penalties were set aside and the appeals allowed.
Admissibility of electronic printouts and statements recorded under section 108 in customs valuation was the central issue. Tribunal found absence of evidence about how printouts were produced, lack of certificates and no recording in Panchnamas meant the printouts could not be relied upon for undervaluation findings, so the re-determination of transaction value, differential duty and penalties could not be sustained; consequently the impugned reassessment and related demands/penalties were set aside and the appeals allowed.
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