Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
Tribunal applied the commercial and accounting principle that sale of stock-in-trade is recognised when possession is handed over and consideration is received, and held that later formal registration does not create accrual of business income in a subsequent year. On the undisputed facts the assessee received consideration and delivered possession in the earlier year, VAT assessment corroborated that recognition, and the assessing officer failed to demonstrate any accrual in the impugned year. A provision akin to replacement-value assessment was inapplicable where no transfer occurred in the impugned year, and the same income cannot be taxed twice; revenue's appeal was dismissed.
Tribunal applied the commercial and accounting principle that sale of stock-in-trade is recognised when possession is handed over and consideration is received, and held that later formal registration does not create accrual of business income in a subsequent year. On the undisputed facts the assessee received consideration and delivered possession in the earlier year, VAT assessment corroborated that recognition, and the assessing officer failed to demonstrate any accrual in the impugned year. A provision akin to replacement-value assessment was inapplicable where no transfer occurred in the impugned year, and the same income cannot be taxed twice; revenue's appeal was dismissed.
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