Supreme Court of India in this case was considering the meaning of the term diversification when the appellant in this case set up machinery for manufacture of Double LIP DRY BLEND CROWN CORK as against SPUN LINE CROWN CORK which was being manufactured earlier and contended that it was diversification to be eligible for exemption.
This is a landmark judgement with reference to overlapping jurisdictions of regulators and adjudicatory forums. This judgement alone, lays a foundation stone to avoid further disputes in events of aggrieved party approaching a forum where a favourable or faster relief can be obtained rather than approaching the appropriate forum.
Stock exchanges have represented to SEBI that due to requirement of single contract on a particular commodity, except for gold, silver and precious metals, the participation of investors, especially in metal contracts, is limited. Stock exchanges have expressed their desire to launch multiple contracts on same commodity to cater to all value chain participants.
Tariff Rate Quota (TRQ) holders under the India-UAE CEPA to be deemed as Qualified Jewellers for import of UAEGD Gold through IIBX
Last date of Import of Crude Soya Bean Oil under TRQ has been revised to 31.03.2023. Further, no allocation of TRQs for import of Crude Soya bean Oil shall be made for Financial Year 2023-24.
These regulations may be called the Food Safety and Standards (Food Products Standards and Food Additives) First Amendment Regulations, 2023. They shall come into force on 1st August, 2023,
Punjab & Haryana High Court held that as the initial recovery against the co-accused stands acquitted, enhancement of sentence of the petitioner who was nominated on their statements becomes unsustainable in law.
ITAT Jaipur held that disallowance of marketing and survey expenditure merely because of non-production of the concerned party whose identity is proved is unsustainable in law.
Calcutta High Court held that conjoint reading of section 18(1)(c) and section 18(1)(a) of the Foreign Exchange Regulation Act, 1973 definitely propagate that the duty to get the sale proceeds of export to be repatriated expiry with the statutory period of six months.
Gujarat High Court held that as the bonded period is expired, the importer is liable to pay the customs duty. Importer cannot re-export the goods under section 69 without payment of the customs duty.
