Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Customs authorities lacked jurisdiction to reopen or demand duty on alleged wrongful availment of MEIS benefits while the DGFT scrips remained valid and subsisting. The Court held that such incentives arise under the foreign trade policy and must be dealt with by the licensing authority; Section 28 and Section 28AAA of the Customs Act were wrongly invoked because the case did not involve imported goods or any short levy, short payment, non-levy, or non-payment of duty. A penalty under Section 114AA against the customs broker also failed because a mere misdescription in classification, without wilful intent, does not establish mens rea. The Tribunal's order and the penalty were set aside.
Customs authorities lacked jurisdiction to reopen or demand duty on alleged wrongful availment of MEIS benefits while the DGFT scrips remained valid and subsisting. The Court held that such incentives arise under the foreign trade policy and must be dealt with by the licensing authority; Section 28 and Section 28AAA of the Customs Act were wrongly invoked because the case did not involve imported goods or any short levy, short payment, non-levy, or non-payment of duty. A penalty under Section 114AA against the customs broker also failed because a mere misdescription in classification, without wilful intent, does not establish mens rea. The Tribunal's order and the penalty were set aside.
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