Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Failure to pass on input tax credit benefits under GST was found to constitute profiteering, as the post-GST ITC-to-purchase ratio increased on verified audited figures and the respondent retained the additional benefit instead of passing it to homebuyers. The determined profiteered amount was ordered to be refunded to eligible homebuyers with interest at 18% per annum from the respective dates of collection until refund. Penalty under Section 171(3A) was not imposed because the violation period predated its commencement and the respondent had refunded the amount, attracting the statutory proviso against penalty.
Failure to pass on input tax credit benefits under GST was found to constitute profiteering, as the post-GST ITC-to-purchase ratio increased on verified audited figures and the respondent retained the additional benefit instead of passing it to homebuyers. The determined profiteered amount was ordered to be refunded to eligible homebuyers with interest at 18% per annum from the respective dates of collection until refund. Penalty under Section 171(3A) was not imposed because the violation period predated its commencement and the respondent had refunded the amount, attracting the statutory proviso against penalty.
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