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Bombay High Court Hears Revenue Appeals on Duty Liability for Confiscated Medical Equipment Cleared Under Conditional Exemption Notification No. 64/88-Cus. Court Examines Whether Redemption of Goods is a Pre-Condition for Customs Duty Demand Under Section 125(2) of the Customs Act, 1962.

Background: The case involves two customs appeals before the High Court of Judicature at Bombay, filed by the Commissioner of Customs against separate...

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Supreme Court Upholds Revenue in Income Tax Act Limitation Dispute Over Block Assessment. Limitation period for block assessment under Section 158BE commences from date of last Panchnama drawn, not date of last authorization, as per Explanation 2 to Section 158BE of Income Tax Act, 1961.

The dispute arose from block assessment orders passed under the Income Tax Act, 1961, following search operations. The assessees challenged the assess...

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High Court of Judicature at Bombay Considers Arbitration Petition No. 1070 of 2011 Under Section 45 of the Arbitration and Conciliation Act, 1996. The Petition Seeks Reference to ICC Arbitration in Dubai Pursuant to a Share Purchase Agreement; the Judgment Text is Incomplete.

The matter arose from a Share Purchase Agreement (SPA) dated 10 December 2004 between Welspun Trading Limited (transferor) and Eupec PipeCoatings GmbH...

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High Court of Karnataka Allows Revenue Appeal in Depreciation Case — Full Benefit of Additional Depreciation Under Section 32(1)(iia) Denied for Assets Used Less Than 180 Days. Second Proviso to Section 32(1)(ii) Applies to Additional Depreciation, Restricting It to 50% in First Year.

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT) ...

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Supreme Court Allows Appeal in Customs Duty Exemption Case — Crude Degummed Soyabean Oil Not an Agricultural Product Under Notification No. 53/2003-Cus. Nexus Between Imported and Exported Products Established Under DFCE Scheme.

The appellant, Noble Resources and Trading India Private Limited (formerly Andagro Services Pvt. Ltd.), a government-recognized two-star export house,...

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Bombay High Court Allows Revenue Expenditure Claim for Floor Height Raising in Warehouse to Prevent Flood Damage. Expenditure incurred to protect business and retain major customer is revenue expenditure under Section 37(1) of Income Tax Act, 1961.

The appellant, Jetha Properties Private Limited, was a warehouse keeper operating a warehouse in an area prone to severe water logging during monsoon....

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Bombay High Court Allows Writ Petitions Against Revisionary Authority on Jurisdiction Ground. Cause of Action Arises at Place of Revisionary Authority's Office Under Article 226(2) of Constitution of India, Not Where Original Adjudication Order Was Passed.

The Bombay High Court dealt with a preliminary objection regarding the maintainability of six writ petitions challenging orders passed by the Revision...

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Bombay High Court Allows Customs Appeal in Rig Import Valuation Case — Upholds Reassessment Based on Higher Transaction Value. Customs Duty Demand on 'Pride Pennsylvania' Rig Upheld as Invoice Value Not Sole Determinant Under Customs Act, 1962.

The Commissioner of Customs (Imports), Mumbai, appealed against the order of the Customs, Excise and Gold (Control) Appellate Tribunal (CEGAT) which h...

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Bombay High Court Dismisses Customs Reference Application for Non-Compliance with Time Limit Under Section 130A(4) of Customs Act, 1962. CESTAT's failure to submit statement of case within 120 days renders reference time-barred, leading to discharge of bank guarantee.

The petitioners, Asit C. Mehta Financial Services Limited and Asit C. Mehta, filed a writ petition seeking dismissal of Customs Application No. 28 of ...