Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
The Tribunal held that the extended period of limitation was not available for a customs demand raised about four years after clearance, because the record showed a consistent earlier and later classification of the same goods without objection and supported a bona fide belief by the importer. It further held that non-imposition of penalty under Section 114AA did not, by itself, mean there was no suppression. Finding no misdeclaration or suppression on the facts, the Tribunal set aside the impugned order as time-barred and allowed the appeal solely on limitation, leaving the classification dispute undecided.
The Tribunal held that the extended period of limitation was not available for a customs demand raised about four years after clearance, because the record showed a consistent earlier and later classification of the same goods without objection and supported a bona fide belief by the importer. It further held that non-imposition of penalty under Section 114AA did not, by itself, mean there was no suppression. Finding no misdeclaration or suppression on the facts, the Tribunal set aside the impugned order as time-barred and allowed the appeal solely on limitation, leaving the classification dispute undecided.
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