Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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Exemption under Notification No. 50/2017-Cus was denied because the goods were found suitable for use in motor vehicles, and the exclusion clause was read strictly without adding a requirement that the goods be directly fitted into the vehicle. The Tribunal accepted that motors and sensors used solely in manufacture of automotive systems could fall within the exclusion, so the concessional customs duty benefit was unavailable. Classification of pressure transducers/sensors under CTH 90318000 was sustained because the importer had consistently declared that heading and no dispute on classification was raised in the show cause notice for the relevant period. Interest and penalty on the IGST component were set aside as the amended levy applied prospectively from 16.08.2024.
Exemption under Notification No. 50/2017-Cus was denied because the goods were found suitable for use in motor vehicles, and the exclusion clause was read strictly without adding a requirement that the goods be directly fitted into the vehicle. The Tribunal accepted that motors and sensors used solely in manufacture of automotive systems could fall within the exclusion, so the concessional customs duty benefit was unavailable. Classification of pressure transducers/sensors under CTH 90318000 was sustained because the importer had consistently declared that heading and no dispute on classification was raised in the show cause notice for the relevant period. Interest and penalty on the IGST component were set aside as the amended levy applied prospectively from 16.08.2024.
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