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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Imported fabric was classified as polyester cut pile fabric on the basis of the Textile Committee report and the importer's own manufacturing descriptions showing loops cut to form pile. In the absence of any contrary test report, there was no reason to reject the expert report or require a retest, and the importer had no right to dictate the mode of testing. The reclassification and consequential duty demand on both Bills of Entry were sustained. On penalty, the tribunal held that the mandatory penalty equal to duty under section 114A had been omitted for one Bill of Entry, so the order required modification to extend the penalty to the additional differential duty.
Imported fabric was classified as polyester cut pile fabric on the basis of the Textile Committee report and the importer's own manufacturing descriptions showing loops cut to form pile. In the absence of any contrary test report, there was no reason to reject the expert report or require a retest, and the importer had no right to dictate the mode of testing. The reclassification and consequential duty demand on both Bills of Entry were sustained. On penalty, the tribunal held that the mandatory penalty equal to duty under section 114A had been omitted for one Bill of Entry, so the order required modification to extend the penalty to the additional differential duty.
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