Liability of financial institution nominee director for company default Statutory protection for nominee director - Liability for non-compliance with deposit repayment order - Criminal liability of a nominee and independent director appointed by a financial institution for the company's non-compliance with an order directing repayment of deposits. - HELD THAT: - A director appointed by the financial institution under the financing arrangement was protected from liability incurred merely by re... ... ...

FOB price as cum-duty value for exports up to 31.12.2008 - Rectification of mistake apparent from record Rectification of the Final Order dismissing the appeal on export-duty valuation of shipping bills filed before 31.12.2008, owing to non-consideration of the applicable Board Circular and the prior decision in the applicant's own case - HELD THAT: - The applicable Circular expressly continued, until 31.12.2008, the practice of treating the FOB price as the cum-duty price. The undisputed... ... ...

Confiscation of non-notified goods - Burden of proving smuggled character of goods - Penalty consequent upon confiscation - Confiscation of seized black pepper and socks as smuggled goods, and the consequential penalties imposed on the appellants - HELD THAT: - As black pepper and socks were not notified goods under section 123 of the Customs Act, the burden lay on the Revenue to establish that they were smuggled. The Revenue failed to discharge that burden; consequently, the goods were not l... ... ...

Reasonable belief for seizure of gold kadas - Confiscation of gold kadas - Seizure and confiscation of semi-finished gold kadas recovered at a domestic airport on the allegation of smuggling HELD THAT: - Customs had alleged smuggling without investigation. The Tribunal held that the gold kadas, having 17.81 karat purity, could not be termed smuggled gold, which was stated to have 99.9% purity; further, the recovery was not at an international airport or in a customs area. The requisite reason... ... ...

Strict construction of customs exemption for electronic paver finishers - Extended limitation for misdeclaration of imported goods - Personal penalty on Director for customs misdeclaration Customs exemption for electronic paver finishers - Strict construction of exemption notification - Eligibility of imported electronic sensor pavers, capable of paving beyond five metres only with bolt-on extensions, for customs exemption applicable to paver finishers for laying bituminous pavement seven met... ... ...

Preferential tariff exemption - certificate-specific verification of origin - Redemption fine for goods unavailable for confiscation Preferential tariff exemption on nylon fishing nets under certificates of origin - Retroactive verification of certificates of origin - Denial of preferential customs exemption for nylon fishing nets on the basis of unverified or unrelated Certificates of Origin - HELD THAT: - The Malaysian verification report concerned a different Certificate of Origin number a... ... ...

Penalty on Director for misclassification of imported removable or exchangeable disc drives Penalty on Director for misclassification of imported removable or exchangeable disc drives - Liability of the Director to penalty under section 112(a) for the importer's alleged misclassification of removable or exchangeable disc drives. - HELD THAT: - The Tribunal treated the absence of actual confiscation and of redemption fine, the goods having been unavailable at adjudication, as leaving no legal ... ... ...

EPCG exemption-procedural conditions on EOU debonding - Entitlement to EPCG exemption on capital goods upon exit from the EOU scheme despite non-registration of the EPCG authorisation at the port of import, alleged non-production of the authorisation for debit, and the form of undertaking furnished HELD THAT: - Where the assessee exited the EOU scheme and transitioned to the EPCG scheme after furnishing the required particulars, obtaining the requisite no-objection and exit approvals, and und... ... ...

Premature demand before expiry of EPCG export obligation - Revenue neutrality of IGST payment and input tax credit Effect of the CESTAT's finding that IGST-demand proceedings for alleged non-fulfilment of EPCG export obligation were premature, despite its additional observations on revenue neutrality - HELD THAT: - After recording that initiation of proceedings was premature, the CESTAT ought to have left the matter for consideration by the Revenue in accordance with law. Its observations... ... ...

Successive revocation of Customs Broker licence - Failure to adjudicate penalty in appeal Successive revocation of Customs Broker licence - Validity of a second revocation of a Customs Broker licence already revoked under an earlier order - HELD THAT: - Once the licence had already been revoked, a further order revoking the same licence was beyond the statutory provisions. Even where more than one cause for revocation exists, those causes ought to form part of the same proceedings; a second r... ... ...

MEIS benefits - inadvertent procedural error in electronic shipping bills MEIS benefits - inadvertent procedural error in electronic shipping bills - Entitlement to MEIS benefits where the exporter selected 'Y' only for the first item in each electronic shipping bill but declared its intent to claim rewards. - HELD THAT: - The Court held that entitlement under a beneficial export-incentive scheme cannot be defeated solely by an inadvertent procedural lapse where the exports are genuine and fa... ... ...

Interest on customs duty consequent upon redemption of confiscated goods - Writ jurisdiction despite alternative statutory remedy Interest on redemption liability - Computation from determination of liability - Computation of interest on customs-duty liability consequential to redemption of confiscated imported Used Oil from the original assessment of the Bill of Entry rather than from determination of that liability in confiscation proceedings. - HELD THAT: - Liability to duty and charges co... ... ...

Proof of benami transaction - Provisional attachment of alleged benami property - Cross-examination in summary benami proceedings Provisional attachment of alleged benami property - Same-day notice and attachment - Validity of the same-day issuance of show-cause notice, approval and provisional attachment of alleged benami properties - HELD THAT: - Section 24 does not prescribe any intervening period between issuance of notice and provisional attachment. Its sequence permits the Initiating Of... ... ...

Additional evidence before Tribunal - Unexplained investment in jointly acquired residential property Additional evidence before Tribunal - Admission of bank and employment records substantiating the contributions of co-owners towards a jointly acquired residential property - HELD THAT: - The additional evidence directly addressed the evidentiary deficiency on which the addition had been sustained. The banking and related records corroborated the transfers made by the assessee, his father and... ... ...

Unexplained cash credits - specified bank note deposits claimed as cash sales - Double taxation - gross profit adjustment in cash-credit addition - Prospective operation of enhanced tax rate on unexplained income Unexplained cash credits - specified bank note deposits claimed as cash sales - Addition u/s 68 for specified bank note deposits claimed to arise from pre-demonetisation cash sales - HELD THAT: - The claimed cash sales were held to be unverifiable, as no sale invoices or day-to-day i... ... ...

Taxability of real net winnings from online games - scope of Section 2(24)(ix) - taxability u/s 115BB Taxability of winnings from skill-based online games - exclusion of winnings from skill-based online games from taxable winnings under the provisions governing card games and other games - HELD THAT: - The Tribunal held that the contention that only chance winnings are taxable could not be accepted. AR's primary submission is that winnings from online games, being games involving skill... ... ...

Gain on sale of land - Agricultural land - exclusion from capital asset - Deemed consideration under section 50C - Reference to Valuation Officer under section 50C(2) - Section 50C valuation-correct extent of land transferred - Principles of natural justice-adequate opportunity in assessment - Limited scrutiny-scope of assessment jurisdiction Taxability of gain on transfer of land claimed to be agricultural land - HELD THAT: - The burden to establish that the land was excluded from the defini... ... ...

Admission of additional ground for treaty-rate dividend distribution tax refund - Revenue deductibility of market research and media measurement expenditure Admission of additional ground for treaty-rate dividend distribution tax refund - Admission and remand of the additional claim for refund of excess dividend distribution tax on dividends paid to a Singapore shareholder at the treaty rate - HELD THAT: - The additional ground, though raised for the first time before the Commissioner (Appeal... ... ...

Penalty for undisclosed income u/s 271AAA - Stock shortage without evidence of unrecorded sale - onus to prove Levy of search-penalty for alleged undisclosed income arising from shortage of cut and polished diamonds physically found as against stock recorded in the books - HELD THAT: - A physical shortage of stock recorded in the books, without corresponding recorded sales or credits, did not by itself establish that the diamonds had been sold and that the sale consideration was unrecorded. T... ... ...

Redevelopment hardship and displacement compensation receipts - Taxable salary vis-a -vis gross salary reported in Form No. 26AS - Deduction for qualifying donation supported by documentary evidence - Deduction for savings-bank interest included in gross total income Redevelopment hardship and displacement compensation - revenue or capital receipt - Taxability of redevelopment compensation paid for hardship and displacement while the assessee's residential premises underwent redevelopment... ... ...