Disgorgement - due diligence and negligence of an exchange in verifying vendor licences - absence of fraud/inducement under the PFUTP framework and Section 12A of the SEBI Act - equal, unrestricted, transparent and fair access to co location facilities - P2P connectivity falls outside the exchange trading path and does not per se confer latency advantage - SEBI's remedial powers under Sections 11 and 11B (including disgorgement as per Explanation to Section 11B) - liability and debarment of ... ... ...

Buyback escrow - release not bar to PFUTP proceedings - Fraud under PFUTP Regulations - proof on balance of probabilities - Failure to adjudicate material evidence Buyback escrow - release not bar to PFUTP proceedings - Departmental file notings - non-binding character - Release of the cash escrow under the exceptions to Regulation 15B(8) of the Buyback Regulations does not preclude an independent inquiry or finding of fraud under the PFUTP Regulations - HELD THAT: - Regulation 15B(8) concern... ... ...

Extinguishment of statutory dues under approved resolution plan - Statutory customs dues under approved resolution plan - Whether customs-duty appeal proceedings may continue after approval of the corporate debtor's resolution plan under the insolvency law? - HELD THAT: - As decided in Ghanashyam Mishra and Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Company Ltd [2021 (4) TMI 613 - SUPREME COURT] once the Resolution Plan is approved by the Adjudicating Authority under Section 31 (1) ... ... ...

Classification of imported Naphtha and Natural Gasoline Liquid - Admissibility of WhatsApp chat evidence in customs proceedings Classification of imported Naphtha and Natural Gasoline Liquid - Most akin test - Burden of proof for reclassification - Classification of the imported petroleum product declared as Full Range Naphtha under CTH 27101229, as against Natural Gasoline Liquid under CTH 27101290 - HELD THAT: - Where the Department seeks to alter the self-assessed classification, it bears ... ... ...

Penalty on Customs Broker for undervaluation of imported engines - Proportionality of penalty - Quantum of penalty imposed on the Customs Broker for facilitating undervaluation of imported premium-brand engines HELD THAT: - Though the declared value was substantially below the actual value and warranted penalty, the inquiry findings in the licensing proceedings showed that the Customs Broker had sought first check of the consignment, thereby bringing the matter to the department's notice.... ... ...

Classification of automotive temperature sensors as thermistors - Classification of exhaust-gas analysis sensors - Classification of brake-pedal sensor assembly - Classification of specialised automotive sensor retainer - Classification of Hall-effect wheel-speed sensor - Reclassification in duty-recovery proceedings without duty demand - Revenue neutrality of differential IGST - Extended period for misclassification - Interest on import IGST in absence of statutory machinery Classification o... ... ...

Penalty on Customs Broker for attempted export of prohibited red sanders - KYC verification lapse and statutory nexus with confiscation - Residuary penalty for identifiable statutory contravention Customs Broker's KYC verification lapse - Act, omission or abetment rendering goods liable to confiscation - Liability of a Customs Broker to penalty for inadequate KYC/antecedent verification in an attempted export of prohibited red sanders - HELD THAT: - Penalty under Section 114(i) requires proof... ... ...

Limitation of departmental appeal after recall from call book - Special additional duty refund on imported plastic granules Limitation of departmental appeal after recall from call book - Limitation of the Department's appeal against the refund sanction after its recall from the call book - HELD THAT: - The relevant date for limitation was the date on which the Department originally filed its appeal, and not the date on which the appeal was assigned a fresh number after recall from the call b... ... ...

Adjudication beyond show cause notice - Authorised courier's KYC verification and outsourcing of consignment pick-up - Penalty for knowingly facilitating export of prohibited goods Adjudication beyond show cause notice - Material facts and particulars - Sustainability of findings treating the authorised courier as consignor/exporter, alleging failure to obtain consignor authorisation, and attributing knowing participation in attempted export of prohibited goods when those allegations were... ... ...

Bar on show cause notice after payment of duty and interest - Extended limitation for wilful misstatement or suppression - Alternative remedy and writ jurisdiction Bar on show cause notice after payment of duty and interest - Extended limitation for wilful misstatement or suppression - Validity of subsequent proceedings for differential IGST on imported motor-vehicle parts after payment of the differential duty and interest pursuant to audit objection - HELD THAT: - The Court held that, after... ... ...

Prospective operation of customs notification amendments - Provisional release of imported goods used digital multifunction print, copying and scanning machines Consideration of provisional release of imported used digital multifunction print, copying and scanning machines where the Bill of Lading pre-dated the effective date of the amended notification - HELD THAT: - In the absence of an express retrospective clause, the amendment operated prospectively and could not be invoked to reject or ... ... ...

Prospective operation of customs exemption notification - Provisional release of imported goods Consideration of provisional release of imported secondhand highly specialised digital multifunction print and copying machines-applicability of an exemption amendment that came into force after the respective Bills of Lading - HELD THAT: - In the absence of an express provision giving retrospective effect, a statutory notification operates prospectively and cannot govern imports covered by Bills o... ... ...

Prospective operation of customs notification amendments - Provisional release of imported highly specialised equipment Whether the customs authorities could rely on an exemption-notification amendment that commenced after the bills of lading to decline consideration of provisional release of the imported goods? - HELD THAT: - An amendment to a statutory notification operates prospectively unless it expressly provides otherwise. Since the Bills of Lading were issued before the amendment came ... ... ...

Food safety testing of imported food consignments - Examination of roasted areca nuts - consignment imported by the petitioner under Bill of Entry No.2610412 Examination of the imported areca nuts for their nature, composition, roasting, moisture content and fitness for human consumption - HELD THAT: - The proposed examination concerned matters relating to the nature and composition of the food product, whether the areca nuts were roasted, their moisture content and fitness for human consumpt... ... ...

Concurrent findings of fact in customs appeal - Confiscation of goods imported through fictitious firms without importer-exporter code Concurrent findings of fact in customs appeal - Confiscation of goods imported through fictitious firms without importer-exporter code - Challenge to confiscation, refusal of re-shipment and penalty in respect of goods consigned to fictitious importing firms without importer-exporter code. - HELD THAT: - The concurrent factual findings established that the app... ... ...

Registration u/s 12AB and approval u/s 80G granted pursuant to a binding jurisdictional High Court judgment - Conditional charitable registration based on proposed appeal Infructuous appeal against refusal of charitable registration - Survival of the challenge to the rejection of applications for charitable registration and approval after their subsequent grant - HELD THAT: - The substantive relief sought against the rejection orders stood granted through the subsequent registration and appro... ... ...

Assessment based on third-party search material - Disallowance u/s 14A in absence of exempt income - Book-profit adjustment for section 14A disallowance - Foreign-exchange loss on revenue account - Third-party evidence and cross-examination Assessment u/s 143(3) based on third-party search material - Abated assessment of other person - Validity of assessment framed u/s 143(3) on material obtained in a search conducted on a third person - HELD THAT: - Where information relevant to another pers... ... ...

Rejection of books of account for unverified purchases - Gross-profit estimation in menthol trade Rejection of books of account for unverified purchases -purchases from suppliers remained unverified for want of creditor confirmations and complete supplier particulars - HELD THAT: - Although the reconciliation showed that differences between purchase-account figures and supplier-ledger balances arose because purchases were recorded net of GST, no confirmations were furnished by the creditors. ... ... ...

Transfer pricing Adjustment - selection of TNMM for export of goods to associated enterprise - Consistency in transfer-pricing benchmarking HELD THAT: - The Tribunal noted that its coordinate Benches had consistently accepted the Transactional Net Margin Method as the most appropriate method for the same transaction in the assessee's earlier years A.Y. 2014-15 [2020 (6) TMI 49 - ITAT MUMBAI], 2016-17 [2023 (3) TMI 1134 - ITAT MUMBAI], 2017-18 [2023 (4) TMI 1415 - ITAT MUMBAI] & 2020-21 [2... ... ...

Validity of reassessment notice barred by limitation - First proviso to section 149(1) - Validity of the reassessment notice issued after expiry of six years from the end of the relevant assessment year - HELD THAT: - The additional legal ground was admitted as it arose from the material already on record. For assessment years covered by the first proviso to section 149(1), a notice under section 148 can be issued only if the limitation available under the pre-amendment regime survives. The exte... ... ...