Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Limitation of appeal is to be reckoned from the date of communication under section 128, and an appeal admitted and heard cannot later be dismissed on mere technical limitation without notice, entitling the appellant to relief. Para 2.17 of the FTP prior to June 2012 allowed import of second hand capital goods, so the 2009 import was freely importable and confiscation under statutory confiscation provisions is unsustainable. Valuation based solely on a chartered engineer's residual value estimate, without evidence of extra consideration or suppression, does not establish mis declaration; consequently redemption fine and penalty fail and are set aside.
Limitation of appeal is to be reckoned from the date of communication under section 128, and an appeal admitted and heard cannot later be dismissed on mere technical limitation without notice, entitling the appellant to relief. Para 2.17 of the FTP prior to June 2012 allowed import of second hand capital goods, so the 2009 import was freely importable and confiscation under statutory confiscation provisions is unsustainable. Valuation based solely on a chartered engineer's residual value estimate, without evidence of extra consideration or suppression, does not establish mis declaration; consequently redemption fine and penalty fail and are set aside.
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