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...
Entitlement to exemption under Customs Notification No.31/1997 (DEEC/advance licence) turns on the date of clearance: Sections 15 and 68 of the Customs Act fix the relevant date for duty and tariff valuation as the date a bill of entry for home consumption is presented and identify clearance from warehouse as the operative event. General Exemption No.84-I conditions exemption on production of the licence and certificate at clearance. Because the advance licence had expired by the date of clearance, the exemption ceased and the High Court's rejection of the claim was upheld by the SC.
Entitlement to exemption under Customs Notification No.31/1997 (DEEC/advance licence) turns on the date of clearance: Sections 15 and 68 of the Customs Act fix the relevant date for duty and tariff valuation as the date a bill of entry for home consumption is presented and identify clearance from warehouse as the operative event. General Exemption No.84-I conditions exemption on production of the licence and certificate at clearance. Because the advance licence had expired by the date of clearance, the exemption ceased and the High Court's rejection of the claim was upheld by the SC.
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