Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
Demand for customs duty on imported marble used by EOUs was rejected because DTA clearances occurred under judicial stay subject to payment of excise equal to customs, so there was no short-levy or revenue loss; consequential interest and customs demand were set aside. Mandatory penalty for collusion was unsustainable where no duty was short-levied. Confiscation did not apply because clearances were sanctioned by the proper officer under the stay and goods were used in manufacture. Redemption fines cannot be imposed compulsorily except where provisional release on bond creates that obligation.
Demand for customs duty on imported marble used by EOUs was rejected because DTA clearances occurred under judicial stay subject to payment of excise equal to customs, so there was no short-levy or revenue loss; consequential interest and customs demand were set aside. Mandatory penalty for collusion was unsustainable where no duty was short-levied. Confiscation did not apply because clearances were sanctioned by the proper officer under the stay and goods were used in manufacture. Redemption fines cannot be imposed compulsorily except where provisional release on bond creates that obligation.
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