Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Duty could not be demanded on alleged diversion of duty-free imported marble where a substantial quantity was found in the factory and the balance allegation rested on internet material and section 108 statements that were not proved admissible under section 138B. The Tribunal held that such material was insufficient to establish diversion or duty liability, and set aside the duty demand with interest. Penalty under section 114A also failed because the alleged default was only a post-import non-fulfilment of exemption conditions, not non-levy caused by collusion, wilful misstatement, or suppression. Penalties under section 114AA were likewise unsustainable because no false declaration in the import documents was shown.
Duty could not be demanded on alleged diversion of duty-free imported marble where a substantial quantity was found in the factory and the balance allegation rested on internet material and section 108 statements that were not proved admissible under section 138B. The Tribunal held that such material was insufficient to establish diversion or duty liability, and set aside the duty demand with interest. Penalty under section 114A also failed because the alleged default was only a post-import non-fulfilment of exemption conditions, not non-levy caused by collusion, wilful misstatement, or suppression. Penalties under section 114AA were likewise unsustainable because no false declaration in the import documents was shown.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
