Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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The dispute addresses whether Customs Act powers may be invoked to confiscate foreign currency embedded in travel cards absent a deeming prohibition in foreign exchange law. The tribunal reasons that currency is defined within foreign exchange statutes and that Customs Act conferral under section 113(d) operates only where another laws prohibition is expressly deemed to be a Customs prohibition; without such deeming or valid delegation under FEMA/FERA, Customs authorities lacked statutory empowerment to confiscate or impose penalties under section 114. Consequently, the confiscation of travel-card currency and attendant penalties were set aside for want of legal authority.
The dispute addresses whether Customs Act powers may be invoked to confiscate foreign currency embedded in travel cards absent a deeming prohibition in foreign exchange law. The tribunal reasons that currency is defined within foreign exchange statutes and that Customs Act conferral under section 113(d) operates only where another laws prohibition is expressly deemed to be a Customs prohibition; without such deeming or valid delegation under FEMA/FERA, Customs authorities lacked statutory empowerment to confiscate or impose penalties under section 114. Consequently, the confiscation of travel-card currency and attendant penalties were set aside for want of legal authority.
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