Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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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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