Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
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...
For IGST classification, the tariff heading used in the rate notification was treated as inseparably linked to the goods description, so the Department could not shift the goods to a residual entry without first challenging the importer's self-assessed classification under heading 8432. As the show cause notice did not seek reclassification or dispute that classification, a higher IGST demand under the residual serial could not be sustained and the appellate remand for fresh adjudication was unwarranted. The Tribunal also held that the extended limitation period was unavailable because the notice did not establish wilful misstatement, collusion or suppression of facts. The remand was set aside and the order dropping the demand was restored.
For IGST classification, the tariff heading used in the rate notification was treated as inseparably linked to the goods description, so the Department could not shift the goods to a residual entry without first challenging the importer's self-assessed classification under heading 8432. As the show cause notice did not seek reclassification or dispute that classification, a higher IGST demand under the residual serial could not be sustained and the appellate remand for fresh adjudication was unwarranted. The Tribunal also held that the extended limitation period was unavailable because the notice did not establish wilful misstatement, collusion or suppression of facts. The remand was set aside and the order dropping the demand was restored.
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