Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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Refund of duty paid under protest was held to arise only after the underlying dispute on exemption or classification is finally settled in the assessee's own case. Applying Dena Snuff, the Tribunal found that the decisive question was whether a legally enforceable cause of action for refund existed on the date of the application, not the later success on exemption entitlement. Because the eligibility dispute had not been finally decided when the refund was filed, the claim was premature and correctly rejected. The Tribunal also noted that a show cause notice under section 28 of the Customs Act requires an existing cause of action and that protective demands issued without one are not sustainable.
Refund of duty paid under protest was held to arise only after the underlying dispute on exemption or classification is finally settled in the assessee's own case. Applying Dena Snuff, the Tribunal found that the decisive question was whether a legally enforceable cause of action for refund existed on the date of the application, not the later success on exemption entitlement. Because the eligibility dispute had not been finally decided when the refund was filed, the claim was premature and correctly rejected. The Tribunal also noted that a show cause notice under section 28 of the Customs Act requires an existing cause of action and that protective demands issued without one are not sustainable.
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