Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Foreign exchange remitted for imports had to be used for the declared overseas supplier or, if the goods were not imported, realised and repatriated; the Tribunal held that the appellant could not rely on alleged third-party adjustments or business compulsion to treat the remittance as duly utilised. It found no legal basis or RBI permission for setting off payments and refunds through separate entities, and held that Customs proceedings did not affect independent FEMA liability. The contravention under Section 10(6) of FEMA read with Regulation 6(1) was upheld, but the penalty was reduced as the quantum was moderated in the interests of justice.
Foreign exchange remitted for imports had to be used for the declared overseas supplier or, if the goods were not imported, realised and repatriated; the Tribunal held that the appellant could not rely on alleged third-party adjustments or business compulsion to treat the remittance as duly utilised. It found no legal basis or RBI permission for setting off payments and refunds through separate entities, and held that Customs proceedings did not affect independent FEMA liability. The contravention under Section 10(6) of FEMA read with Regulation 6(1) was upheld, but the penalty was reduced as the quantum was moderated in the interests of justice.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
