Home Highlights June 2013 Year 2013 This

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1. Valuation of imported goods - on the basis of wrong documents submitted by the overseas entity, the appellant had filed the Bills of Entry, the lenient approach can be...

2. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

3. Confiscation of goods - Excess stock found which was not recorded in RG-1 Register - search was conducted as on 10/3/2011 - RG-1 Register was updated only till 28/2/2011...

4. Imported material diverted to unit other than permitted unit, resulting in contravention of import-export policy provisions. Goods held liable for confiscation u/s 111...

5. In a case involving the imposition of a redemption fine and penalty, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that when goods are allowed...

6. Excess stock found during survey - search conducted u/s 133A - the excess stock found during search is nothing but business stock carried on by assessee which is not...

7. Levy of redemption fine and penalty - valuation of imported goods - brass scrap - The appellate tribunal noted the absence of a market survey conducted by the...

8. Imposition of Redemption Fine and Penalty disproportionately - Valuation of imported goods - Taking note of the fact that as per the impugned order itself if it is a...

9. The appellate tribunal examined the penalty imposed on the company and individual for contravention of Section 6(3)(a) of FEMA and Regulations 5, 6, and 13 of the...

10. The case involved a violation of the FEMA Act due to accepting and placing bets on cricket matches for clients. The appellant was linked to the raided premises where...

11. This circular amends the requirement under Chapter 1 at Para 4.3.3.1 of the SEBI Master Circular (Stock Exchanges and Clearing Corporations) dated October 16, 2023,...

12. Redemption fine in lieu of confiscation of goods - Mis-classification of imported goods - the party had made a request for mutilation of the imported consignment to...

13. The High Court quashed the orders initiating proceedings u/s 130 of the GST Act against the petitioner for excess stock found during inspection/search u/s 67. It held...

14. Excess stock found during survey triggers proceedings u/ss 73/74 of the GST Act, not Section 130. The authority noted excess stock by eye estimation without physical...

15. Excess stock found during survey triggered initiation of proceedings against petitioner. Court held if excess stock found, proceedings u/ss 73/74 of GST Act should be...