The Court found that the petitioner was provisionally assessed ...

Iron ore exporter's provisional assessment of Rs. 30+ crores quashed. Matter remanded for fresh decision based on test reports.

Case Laws Customs

July 29, 2024

The Court found that the petitioner was provisionally assessed under a bond for an amount of Rs. 30,79,13,411/- executed by the exporter. The overseas buyer was a Hong Kong company, and the price of Iron Ore Calibrated Lumps was USD 82.00 per DMKT CFR FO One Main Port North China based on 56.50% Fe fraction prorate. The Freight rate was USD 10.70, and the exchange rate of USD 1.00 was Rs.81.70. The Shipping Bill was assessed provisionally u/s 18 of the Customs Act, 1962, for want of Final Invoice, Test analysis Reports, e-BRC etc. The Court observed that the acceptance and rejection of test reports without assigning reasons cannot be sustained. The impugned assessment orders passed by the Assistant Commissioner were quashed, and the matter was remitted to the authority with a direction to hear it afresh and pass an appropriate order in accordance with law. The petition was allowed by way of remand.

View Source

← Previous Next →

The Court found that the petitioner was provisionally assessed ...

Iron ore exporter's provisional assessment of Rs. 30+ crores quashed. Matter remanded for fresh decision based on test reports.

Case Laws Customs

July 29, 2024

You may also like:

The case involved the classification of Iron Ore fines as Iron Ore lumps for export valuation and levy of export duty. The Tribunal held that the consignment, despite...

Exemption from CVD - Classification of imported goods - Iron Ore (fines) or Iron Ore (concentrate) - The process of crushing and screening undertaken on the Iron Ore...

Clandestine Removal - melting scrap - excess input output ratio - shortage of finished goods - The said input-output ratio cannot remain fixed due to variable factors...

Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

Shipping bill assessment challenged regarding determination of Fe content in Iron Ore Fines for classification and duty rate. Fe percentage to be determined on Wet...

TP Adjustment - comparable selection - upper turnover filter - The assessee submits that the turnover of the assessee is only Rs. 124 Crores during the relevant previous...

Reversal of Cenvat Credit under Rule 6 - clearance of iron ore fines - exempted goods or not - the Department has brought nothing on record to show that the iron ore...

Reduction of issued, subscribed, and paid-up equity share capital u/s 66 of the Companies Act, 2013. Compliance with Sections 66(1), 66(2), and 66(3) satisfied....

Sub-section (1) in Section 5 amended to not levy integrated tax on Extra Neutral Alcohol used for manufacturing alcoholic liquor for human consumption. Section 6A...

Rejection of refund claim - finalization of provisional assessment or not - A provisional assessment will always remain as a provisional one. There is no shortcut as a...

Provisional assessment - ship demurrage charges - if the assessment is left open for questions of valuation, and subsequently it is found that the classification also...

Rs 10000 crore of tax fee bonds for power sector

Gross NPAs of Public Sector Banks Stood at Rs.71,047 Crore as on 31st March,2011.

Classification of import of Ores - The CESTAT held that the lower authorities erred in classifying the imported goods as 'iron ore concentrate' based on speculative...

Quick Updates: