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Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
CESTAT held that the relevant date for determination of duty under Section 15(1)(a) was the date of filing of the bills of entry, because the bills were filed after entry inwards and were not advance bills of entry. Notification No. 21/2022-Cus. was therefore unavailable when duty liability crystallised, and the importer could not invoke a later exemption by choice. The proviso concerning bills of entry presented before entry inwards was inapplicable on the facts. The Tribunal also held that substitution under Section 46(5) was discretionary and could be refused where it would prejudice revenue; no arbitrariness was shown. The refusal to substitute the bills of entry into warehousing bills was upheld.
CESTAT held that the relevant date for determination of duty under Section 15(1)(a) was the date of filing of the bills of entry, because the bills were filed after entry inwards and were not advance bills of entry. Notification No. 21/2022-Cus. was therefore unavailable when duty liability crystallised, and the importer could not invoke a later exemption by choice. The proviso concerning bills of entry presented before entry inwards was inapplicable on the facts. The Tribunal also held that substitution under Section 46(5) was discretionary and could be refused where it would prejudice revenue; no arbitrariness was shown. The refusal to substitute the bills of entry into warehousing bills was upheld.
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