CENEX UPDATE – 05.10.2020

CX - Once penalty is imposed on the entity, there is no scope for imposing penalty on the proprietor or partner separately: CESTAT

ST - Credit cards - 'Mark-up' charged by appellant is neither received nor billed in convertible foreign currency - claim of appellant that such amount is exempt from tax fails: CESTAT

Cus - Appellant has indirectly facilitated exporter in inflating FOB value for the purpose of wrongly claiming higher DEPB benefits - liberal view taken, penalty reduced: CESTAT