Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Notification No.45/2017-Cus exemption applies to integrated tax (IGST) where 'duty of customs' is interpreted to encompass IGST; the Tribunal analysed the Customs Act definition of duty, the IGST Act definition of integrated tax and levy/collection mechanics, and concluded appellants are entitled to IGST exemption under Notification No.45/2017-Cus. It treated Notification No.36/2021-Cus challenge as affecting validity; prior tribunal and High Court decisions found Notification No.36/2021-Cus ultra vires. Consequent assessments denying IGST exemption were set aside and the appellants' appeals were allowed while Revenue appeals were rejected.
Notification No.45/2017-Cus exemption applies to integrated tax (IGST) where 'duty of customs' is interpreted to encompass IGST; the Tribunal analysed the Customs Act definition of duty, the IGST Act definition of integrated tax and levy/collection mechanics, and concluded appellants are entitled to IGST exemption under Notification No.45/2017-Cus. It treated Notification No.36/2021-Cus challenge as affecting validity; prior tribunal and High Court decisions found Notification No.36/2021-Cus ultra vires. Consequent assessments denying IGST exemption were set aside and the appellants' appeals were allowed while Revenue appeals were rejected.
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