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...
Inconclusive laboratory testing could not sustain final classification of imported goods where the competing IS specifications contained overlapping but distinct parameters and neither report examined all prescribed parameters. The Tribunal held that the CRCL Vadodara and Visakhapatnam reports were incomplete because they did not test every relevant criterion, so they could not conclusively establish whether the goods were thinner for synthetic paints and varnishes or petroleum hydrocarbon solvent. Following the principle that incomplete examination cannot support confiscatory consequences or final classification, the matter was remanded for fresh testing by a Government laboratory on all parameters. Pending redetermination, provisional clearance on bond and bank guarantee was allowed on the importer's declared classification.
Inconclusive laboratory testing could not sustain final classification of imported goods where the competing IS specifications contained overlapping but distinct parameters and neither report examined all prescribed parameters. The Tribunal held that the CRCL Vadodara and Visakhapatnam reports were incomplete because they did not test every relevant criterion, so they could not conclusively establish whether the goods were thinner for synthetic paints and varnishes or petroleum hydrocarbon solvent. Following the principle that incomplete examination cannot support confiscatory consequences or final classification, the matter was remanded for fresh testing by a Government laboratory on all parameters. Pending redetermination, provisional clearance on bond and bank guarantee was allowed on the importer's declared classification.
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