Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
The ITAT sustained disallowance of proportionate interest on interest-free advances to sister concerns because the assessee failed to show a direct nexus between borrowed funds and business purpose. It accepted that interest relating to assets not put to use must be capitalised, but remanded that issue to the Assessing Officer for factual verification of the assessee's suo motu disallowance. It also upheld disallowance under section 40(a)(ia), holding that the provision applies to both amounts paid and amounts payable during the year without tax deduction at source. The additional ground on conversion charges, including related interest, was rejected as inadmissible and lacking merit.
The ITAT sustained disallowance of proportionate interest on interest-free advances to sister concerns because the assessee failed to show a direct nexus between borrowed funds and business purpose. It accepted that interest relating to assets not put to use must be capitalised, but remanded that issue to the Assessing Officer for factual verification of the assessee's suo motu disallowance. It also upheld disallowance under section 40(a)(ia), holding that the provision applies to both amounts paid and amounts payable during the year without tax deduction at source. The additional ground on conversion charges, including related interest, was rejected as inadmissible and lacking merit.
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