Home Highlights August 2014 Year 2014 This

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1. Confiscation of goods - Claim of waiver from imposition of redemption fine - merely because the importer acted in good faith will not entitle the importer to complete...

2. Allowability of deduction u/s 37(1) of the Act - Amount of service tax included with interest – expenses have direct nexus with the business operation - expense allowed - HC

3. Claim of expenses disallowed u/s 37(1) - expenditure/loss incurred on abandoned project – for the first two years the expenditure is shown as “work-in-progress” - claim...

4. Claim of expenditure u/s 37(1) - medical insurance premium paid for the family members of the employees of the company - Claim of expenses allowed as business expenditure.

5. Deduction u/s 37 - Guarantee commission paid to State Government – allowed as revenue expenditure - HC

6. Mere fact that the goods were released on the bond being executed, would not take away the power of the customs authorities to levy redemption fine - AT

7. Mere payment of redemption fine in no way dwarfs the right of the appellant to challenge not only confiscation but also imposition of redemption fine and final penalty - HC

8. Deduction u/s 37(1) - penalty paid to the Apparel Export Promotion Council - Forfeiture of gurantee - failure to fulfil the obligation to export - deduction allowed - HC

9. Discretionary power of tribunal to release the confiscated goods - inadequate redemption fine - levy of penalty under two sections of Customs Act. - HC

10. Reduction in the quantum of redemption fine and penalty - There is no statutory prescription that the penalty should not be reduced by the appellate authority - HC