Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Customs valuation proceedings were maintainable against an STPI unit because section 14 and the valuation rules still governed assessment, even if no duty ultimately arose due to STPI status. The Tribunal held the importer and its parent were related persons throughout the dispute, as wholly owned subsidiary status established mutual interest and, after 2007, direct or indirect control satisfied the related-person test. For the Palladium system imported in 2006, the sale price was accepted because cost certificates showed full cost plus reasonable profit and there was no material to prove price influence. For the other post-2007 goods, loading of the supplier's average profit margin was upheld because the invoices were for customs purposes only and did not reflect arm's-length profit.
Customs valuation proceedings were maintainable against an STPI unit because section 14 and the valuation rules still governed assessment, even if no duty ultimately arose due to STPI status. The Tribunal held the importer and its parent were related persons throughout the dispute, as wholly owned subsidiary status established mutual interest and, after 2007, direct or indirect control satisfied the related-person test. For the Palladium system imported in 2006, the sale price was accepted because cost certificates showed full cost plus reasonable profit and there was no material to prove price influence. For the other post-2007 goods, loading of the supplier's average profit margin was upheld because the invoices were for customs purposes only and did not reflect arm's-length profit.
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