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...
Duty drawback is specifically governed by section 145B(3), which deems it taxable as income of the previous year in which it is actually received, if not charged in an earlier year. Applying that statutory rule, the Tribunal held that taxing sanctioned duty drawback on an accrual basis during the year under consideration was unsustainable, even though the assessee followed the mercantile system. The addition was deleted and the appeal was allowed.
Duty drawback is specifically governed by section 145B(3), which deems it taxable as income of the previous year in which it is actually received, if not charged in an earlier year. Applying that statutory rule, the Tribunal held that taxing sanctioned duty drawback on an accrual basis during the year under consideration was unsustainable, even though the assessee followed the mercantile system. The addition was deleted and the appeal was allowed.
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