Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Deeming provision in Chapter Note 4 to Chapter 26 treats conversion of ores into concentrates as manufacture; where pre shipment processes (washing, crushing, screening, sizing) materially remove impurities or upgrade material, the resultant product is a concentrate and falls outside the exemption under Notification No.04/2006 CE, and the imported consignments so processed were held to be concentrates and ineligible for exemption. Beneficiation and strict construction of exemption notifications place the onus on the importer to prove eligibility. Statutory provisions require payment of interest on duty once a demand is confirmed, and appellants remain liable for duty and interest.
Deeming provision in Chapter Note 4 to Chapter 26 treats conversion of ores into concentrates as manufacture; where pre shipment processes (washing, crushing, screening, sizing) materially remove impurities or upgrade material, the resultant product is a concentrate and falls outside the exemption under Notification No.04/2006 CE, and the imported consignments so processed were held to be concentrates and ineligible for exemption. Beneficiation and strict construction of exemption notifications place the onus on the importer to prove eligibility. Statutory provisions require payment of interest on duty once a demand is confirmed, and appellants remain liable for duty and interest.
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