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Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
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A High Court held that a show cause notice under Section 73 was unsustainable where it rested on a factually incorrect audit premise, the supporting audit report was not supplied, and the notice failed to disclose the material particulars needed for an effective reply. The notice alleged excess input tax credit, ITC mismatch, reverse charge liability and undischarged tax liability, but did not set out the basis for those allegations. Reading Section 73(3) with natural justice, the Court ruled that the assessee must be informed of the precise tax, interest and ITC discrepancies. The notice was set aside, with liberty to proceed afresh in accordance with law.
A High Court held that a show cause notice under Section 73 was unsustainable where it rested on a factually incorrect audit premise, the supporting audit report was not supplied, and the notice failed to disclose the material particulars needed for an effective reply. The notice alleged excess input tax credit, ITC mismatch, reverse charge liability and undischarged tax liability, but did not set out the basis for those allegations. Reading Section 73(3) with natural justice, the Court ruled that the assessee must be informed of the precise tax, interest and ITC discrepancies. The notice was set aside, with liberty to proceed afresh in accordance with law.
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