Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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For notified goods such as gold, seizure on reasonable belief initially shifts the burden to the person concerned to prove lawful acquisition under Section 123. The appellate authority's absolute release of the seized gold was unsustainable because it accepted books, invoices and GST records without correlating the entries or addressing discrepancies and the admitted fabrication of invoices and stock records. The order was therefore set aside and the matter remanded for fresh examination of the documentary evidence and the Revenue's grounds. The limitation objection to the show-cause notice was rejected, as the notice was covered by the statutory extension under the relaxation law and the objection had not been raised below.
For notified goods such as gold, seizure on reasonable belief initially shifts the burden to the person concerned to prove lawful acquisition under Section 123. The appellate authority's absolute release of the seized gold was unsustainable because it accepted books, invoices and GST records without correlating the entries or addressing discrepancies and the admitted fabrication of invoices and stock records. The order was therefore set aside and the matter remanded for fresh examination of the documentary evidence and the Revenue's grounds. The limitation objection to the show-cause notice was rejected, as the notice was covered by the statutory extension under the relaxation law and the objection had not been raised below.
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