Provisions Of Foreign Trade Policy Cannot By Itself Authorise Levy Of Interest U/S 28AA Of Foreign Trade Act: Kerala High Court
3 months, 3 weeks ago

Provisions Of Foreign Trade Policy Cannot By Itself Authorise Levy Of Interest U/S 28AA Of Foreign Trade Act: Kerala High Court

Live Law  

The Kerala High Court stated that the provisions of the Foreign Trade Policy cannot by itself authorise the levy of interest under Section 28AA of the Foreign Trade Act, 1992, as such levy must be supported by plenary legislation. The Bench of Justice Gopinath P. was considering a case where the assessee challenged the interest imposed upon him under the provisions of Section 28AA of the Customs Act, 1962 on the amounts repaid by the assessee on the assessee being found ineligible for the benefit of the Scheme introduced by the Foreign Trade Policy. The bench stated that “there is no provision of the 1992 Act under which Foreign Trade Policy has been framed has been pointed out to show that the provisions of Section 28AA of the 1962 Act have been made applicable for levying interest on any person who is found ineligible for any benefit received under the terms of any Scheme under the Foreign Trade Policy.” The bench held that the provisions of the Foreign Trade Policy cannot by itself authorise the levy of interest under Section 28AA of the 1962 Act as such levy must be supported by plenary legislation. The assessee is not liable to pay interest under Section 28AA of the 1962 Act on the amounts repaid by the assessee on the assessee being found ineligible for the benefit of the Scheme introduced by the Foreign Trade Policy which was in force for the period from 01-04-2015 to 31-03-2020, added the bench.

Policy Trade Interest Foreign Act Scheme Levy Provisions Assessee 1962 Interest U Foreign Trade Policy Section 28Aa 28Aa  act  levy  trade  provisions  high  1962  kerala  benefit  interest  court  28aa  assessee  foreign  authorise  policy

History of this topic

Authority Processing Duty Credit Scrip Applications Is 'Adjudicating Authority' For Appeal Under Foreign Trade Act: Bombay High Court
3 months, 2 weeks ago

Authority Processing Duty Credit Scrip Applications Is 'Adjudicating Authority' For Appeal Under Foreign Trade Act: Bombay High Court

Live Law  

In a case under the Foreign Trade Act, 1992, the Bombay High Court held that the authority processing applications for duty credit scrip entitlement must be considered an 'adjudicating authority', whose decisions are subject to appeal, for the limited purpose of Section 15 read with Section 9 of the Act. “Therefore, when Section 9 deals with issuance of MEIS scrip …

Grants For Daily Expenses Are Not Consideration For Services Rendered By Assessee, Not Liable To Tax: Kerala High Court
4 months ago

Grants For Daily Expenses Are Not Consideration For Services Rendered By Assessee, Not Liable To Tax: Kerala High Court

Live Law  

The Kerala High Court stated that financial grants provided to the assessee for covering daily operational expenses do not qualify as payment for any services that the assessee might be providing and are not liable to tax. The Bench of Justice Gopinath P. observed that “The assessee has only received grants to meet its day-to-day expenses including salary, allowances etc. …

Grants For Daily Expenses Are Not Consideration For Services Rendered By Assessee, Not Liable To Tax: Kerala High Court
4 months ago

Grants For Daily Expenses Are Not Consideration For Services Rendered By Assessee, Not Liable To Tax: Kerala High Court

Live Law  

The Kerala High Court stated that financial grants provided to the assessee for covering daily operational expenses do not qualify as payment for any services that the assessee might be providing and are not liable to tax. The Bench of Justice Gopinath P. observed that “The assessee has only received grants to meet its day-to-day expenses including salary, allowances etc. …

Electricity Tariff: Kerala High Court Strikes Down Regulation Imposing KSEB Pension Liability On Consumers
1 year, 6 months ago

Electricity Tariff: Kerala High Court Strikes Down Regulation Imposing KSEB Pension Liability On Consumers

Live Law  

The Kerala High Court has held that electricity tariff charged from consumers will not include the amount allocated to the Master Trust, pension fund of Kerala State Electricity Board employees.Single Bench of Justice Murali Purushothaman struck down Regulation 34 of the the Kerala State Electricity Regulatory Commission Regulations,. The Kerala High Court has held that electricity tariff charged from consumers …

Dispute Concerning Exemption U/Sec 87 Customs Act Cannot Be Equated With Dispute In Relation To Rate Of Duty: Supreme Court
3 years ago

Dispute Concerning Exemption U/Sec 87 Customs Act Cannot Be Equated With Dispute In Relation To Rate Of Duty: Supreme Court

Live Law  

The Supreme Court observed that an appeal under Section 130 of the Customs Act will be maintainable before the High Court if the impugned order relates to claim of exemption under Section 87 of the Act.Dispute concerning an exemption cannot be equated with a dispute in relation to the rate of duty, the bench comprising Justices MR Shah and BV …

Interest Under Customs Act Statutory, Cannot Be Waived Unless Authorised By Act: Kerala High Court
3 years, 5 months ago

Interest Under Customs Act Statutory, Cannot Be Waived Unless Authorised By Act: Kerala High Court

Live Law  

The Kerala High Court has ruled that a Court cannot waive the payment of interest while exercising its jurisdiction under Article 226 of the Constitution, since it is a statutory imposition. Justice Gopinath P dismissed a plea seeking a waiver of interest imposed by the respondent authorities on the petitioner for its failure to meet the export requirements under an …

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