Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Under the EPCG exemption, Notification No. 97/2004-Cus. had to be read with the Foreign Trade Policy, and the dispute was confined to whether third-party exports could satisfy export obligation. The Tribunal found that, at the material time, the provisions were ambiguous on whether such exports had to be made from goods manufactured using the imported capital goods, and a later policy tightening could not be applied retrospectively. As the export obligation discharge certificate had been restored and the validity of the licence, installation of capital goods and their use were not in dispute, Customs could not sustain demand and penalties by re-agitating fulfilment of export obligation for the two licences. The demand and penalties for those imports were set aside.
Under the EPCG exemption, Notification No. 97/2004-Cus. had to be read with the Foreign Trade Policy, and the dispute was confined to whether third-party exports could satisfy export obligation. The Tribunal found that, at the material time, the provisions were ambiguous on whether such exports had to be made from goods manufactured using the imported capital goods, and a later policy tightening could not be applied retrospectively. As the export obligation discharge certificate had been restored and the validity of the licence, installation of capital goods and their use were not in dispute, Customs could not sustain demand and penalties by re-agitating fulfilment of export obligation for the two licences. The demand and penalties for those imports were set aside.
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