Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
CESTAT held that para 3.16.2 of the Foreign Trade Policy bars SHIS only where the status holder has availed TUFS for exports made in the same year. The appellant had not claimed SHIS on the basis of its own exports; it was only a transferee holder of SHIS scrips originally issued to others, and it used those scrips later for duty payment on imported capital goods. The Tribunal also held that Notification No. 104/2009-Cus permitted drawback or Cenvat credit of additional duty debited in the scrip, and no bar applied to a transferee holder. The demand of wrongly availed Cenvat credit, interest and penalty was set aside.
CESTAT held that para 3.16.2 of the Foreign Trade Policy bars SHIS only where the status holder has availed TUFS for exports made in the same year. The appellant had not claimed SHIS on the basis of its own exports; it was only a transferee holder of SHIS scrips originally issued to others, and it used those scrips later for duty payment on imported capital goods. The Tribunal also held that Notification No. 104/2009-Cus permitted drawback or Cenvat credit of additional duty debited in the scrip, and no bar applied to a transferee holder. The demand of wrongly availed Cenvat credit, interest and penalty was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
