Banks can temporarily rely on ECGC country classifications until internal systems are developed. The ruling ensures continuity while promoting gradual transition to advanced risk assessment models.
The issue concerned denial of drawback on re-exported goods supplied from SEZ to DTA. The clarification holds that such supplies qualify as imports, making them eligible for drawback under Section 74.
The notification retains the prohibition on wheat exports but allows a limited relaxation of 25 LMT. The ruling clarifies that exports can proceed only within specified limits and conditions.
Supreme Court held that states cannot undo decades-old land transactions to reclaim title, emphasizing protection of innocent buyers and their right to basic amenities.
The court examined whether delay in Form 10B filing could be condoned but found the authority rejected it on unrelated grounds. It held that such rejection beyond the scope of Section 119(2)(b) was invalid and remanded the matter.
The issue involved classification of land for capital gains taxation. The Court held that revenue records and evidence of agricultural activity prevail, making the land exempt from capital gains tax.
The Court held that reassessment cannot be initiated on issues already examined during scrutiny assessment. It ruled that reopening based on the same material amounts to a change of opinion and is invalid.
The Court dismissed the petition after finding that the petitioner failed to establish a clear connection with the goods and transaction. It held that lack of locus itself justified rejection of the challenge to the confiscation notice.
The Court ruled that cotton seed oil cake qualifies as cattle feed and is exempt from GST. The key takeaway is that exemption applies from the beginning of GST regime.
The case involved addition on account of unexplained foreign remittances. The Tribunal held that failure to examine documentary evidence warranted remand for fresh adjudication.
