Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
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Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Import of Technical Grade Urea through a State Trading Enterprise on high-seas sale basis was treated as an import made through that enterprise, not as a prohibited direct import by the appellant. Applying earlier CESTAT rulings, the Tribunal held that the relevant ITC(HS) entry permitted such import structure, so there was no violation of the Foreign Trade Policy. Consequently, confiscation under Section 111(d) and penalty under Section 112(a)(i) were unsustainable. The confiscation and penalties were set aside and the appeals were allowed.
Import of Technical Grade Urea through a State Trading Enterprise on high-seas sale basis was treated as an import made through that enterprise, not as a prohibited direct import by the appellant. Applying earlier CESTAT rulings, the Tribunal held that the relevant ITC(HS) entry permitted such import structure, so there was no violation of the Foreign Trade Policy. Consequently, confiscation under Section 111(d) and penalty under Section 112(a)(i) were unsustainable. The confiscation and penalties were set aside and the appeals were allowed.
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