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...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Validity of MEIS scrips is determined at the time they are used for import. Where the scrips were issued by DGFT and were valid on the date of import, the customs benefit cannot be denied merely because the scrips were later modified to reduce the duty credit rate. The Tribunal applied its earlier view that subsequent cancellation or modification does not affect imports already completed during the period of validity, and held that this principle applies equally to utilisation by the original holder or a transferee. The demand of duty, interest and penalty based on the later modification was therefore unsustainable.
Validity of MEIS scrips is determined at the time they are used for import. Where the scrips were issued by DGFT and were valid on the date of import, the customs benefit cannot be denied merely because the scrips were later modified to reduce the duty credit rate. The Tribunal applied its earlier view that subsequent cancellation or modification does not affect imports already completed during the period of validity, and held that this principle applies equally to utilisation by the original holder or a transferee. The demand of duty, interest and penalty based on the later modification was therefore unsustainable.
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