Home Highlights August 2016 Year 2016 This

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1. Levy of penalty of IEC code holder and middleman - Allowing third party to use its IEC code - Bonafide Belief - Misdeclaration of imported goods by third party - There...

2. CIRP process - The Accounting Conventions cannot supersede any express provisions of the laid down provisions of the specific law on the subject. The I&B Code, 2016...

3. Seeking release of goods - goods imported freely or not - Second hand Multifunction Print and copying machines - In the Notification No.5/2015-2020, dated 07.05.2019,...

4. The case pertains to the valuation and classification of imported goods as old and used second-hand goods or unused new goods. The key points are: The Chartered...

5. Valuation of imported goods - comparison of the contemporaneous imports - The brand name of the goods as well as the specification are different. Comparison of the value...

6. Restriction on Import of second hand goods - import of second hand video cameras - According to the appellant, the imported goods would fall within the definition of...

7. Penalty u/s 271B - Tax audit - failure to get books of accounts audited u/s 44AB - assessee did not maintain books of account u/s 44AA - Neither section 44AA and 44AB...

8. Valuation of imported goods - The only ground on the basis of which the transaction value has been rejected is that the imports were made at a higher price by other...

9. Legality of import without Importer-Exporter Code (IEC) - import of Piano - import for personal use - restricted or prohibited item - admittedly this goods is a...

10. Determining whether certain goods, specifically old used iron scrap, used lead acid batteries, old used aluminum utensils and other aluminum scrap, old used brass...

11. Levy of penalty for lending of the IEC - Smuggling of prohibited goods from India - export of incense raw materials - Levy of penalty confirmed - AT

12. Notice u/s 271AAB to levy penalty u/s 271(1)(c) - AO gets the jurisdiction to levy the penalty by issuing a notice and therefore, it is not a procedural requirement but...

13. Confiscation of goods and levy of penalty - Import of Pair of Shoes - mis-declaration/suppression in the import documents - Non-compliance of the provisions of the IPR...

14. Failure to obtain import-export code (IEC Code) - there being no bar on imports of personal effects against bill of entry and without separate code, there is no flaw in...

15. Classification of goods imported - whether the goods imported are calcareous stone ‘other than marble’ which could be allowed to be imported only against SIL during the...