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2015 (5) TMI 966 - AT - CustomsDuty demand - Capital goods - rate and valuation of the assets - Section 28AB - Held that:- The impugned order concludes that Microsoft Corporation , USA is not the owner of the appellant or of MGSCI even though these entities may be subsidiaries of Microsoft Corporation USA, as they are distinct legal entities and therefore appellant and MGSCI are separate legal entities. The impugned order proceeds on the basis that while a holding company may have effective control over a subsidiary, such control does not amount to ownership of the holding company over the subsidiaries, which is the condition for sharing of assets. - Confirmation of the duty demand on the appellant is thus unassailable and warrants no appellate interference. The impugned order also holds that appellant’s liability to customs duty must be calculated from the date of commencement of sharing of the assets between the appellant and MGSCI. Since this sharing of the assets constitutes the contravention of the condition in Notification No.52/2003-Cus, which has triggered the liability to duty, it is appropriate that duty on the valuation should as on the date of commencement of sharing of the assets by the appellant with MGSCI. - impugned order suffers from no infirmity - Decided against assessee.
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