Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
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 
of 4805
Join Channel
TaxTMI 
