Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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CESTAT reiterated that the extended period of limitation could not be invoked where the department already knew of the exports and MEIS benefit claims from an earlier show cause notice on the same products and period; suppression and wilful misstatement were therefore not made out. It also held that customs could not deny or recover MEIS benefits while the scrips remained uncancelled, since DGFT had not completed cancellation proceedings. On both limitation and merits, the impugned demand and recovery action were unsustainable, and the appeal was allowed with consequential relief.
CESTAT reiterated that the extended period of limitation could not be invoked where the department already knew of the exports and MEIS benefit claims from an earlier show cause notice on the same products and period; suppression and wilful misstatement were therefore not made out. It also held that customs could not deny or recover MEIS benefits while the scrips remained uncancelled, since DGFT had not completed cancellation proceedings. On both limitation and merits, the impugned demand and recovery action were unsustainable, and the appeal was allowed with consequential relief.
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