Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
CESTAT considered classification of seized petroleum fractions by applying the "most akin" test and found the samples matched DMX-type Distillate Marine Fuel on tested parameters; cloud point, being a non-determinative specification under IS 16731, cannot alone justify seizure. The tribunal agreed with the Commissioner's view that reliance on a single non-essential parameter was improper, placed the balance of convenience in favour of the importer, and directed discharge of two bank guarantees and modification of provisional release conditions in line with the cited High Court decision.
CESTAT considered classification of seized petroleum fractions by applying the "most akin" test and found the samples matched DMX-type Distillate Marine Fuel on tested parameters; cloud point, being a non-determinative specification under IS 16731, cannot alone justify seizure. The tribunal agreed with the Commissioner's view that reliance on a single non-essential parameter was improper, placed the balance of convenience in favour of the importer, and directed discharge of two bank guarantees and modification of provisional release conditions in line with the cited High Court decision.
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