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...
ITAT held that the deeming fiction of deemed valuation cannot be invoked where the stamp valuation is demonstrably erroneous and subsequently rectified; the original inflated stamp duty value lost sanctity and the addition under the deeming provision was deleted. On the beneficial exemption, the tribunal applied substance-over-form: for under construction flats purchased from a builder the acquisition is substantially effected on completion and possession within the statutory period, and the proviso excluding the exemption for ownership of more than one house was not attracted on the admitted facts; exemption under the residential capital gains provision allowed. Consequentially the penalty based solely on the deleted additions was deleted.
ITAT held that the deeming fiction of deemed valuation cannot be invoked where the stamp valuation is demonstrably erroneous and subsequently rectified; the original inflated stamp duty value lost sanctity and the addition under the deeming provision was deleted. On the beneficial exemption, the tribunal applied substance-over-form: for under construction flats purchased from a builder the acquisition is substantially effected on completion and possession within the statutory period, and the proviso excluding the exemption for ownership of more than one house was not attracted on the admitted facts; exemption under the residential capital gains provision allowed. Consequentially the penalty based solely on the deleted additions was deleted.
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