SC upholds DRI powers under Customs Act, revives Rs 20,000 cr tax notices

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SC upholds DRI powers under Customs Act, revives Rs 20,000 cr tax notices - Business Standard

Quick Summary:

However, two years later, the DRI issued a show-cause notice under the Customs Act, stating that the duty exemption was obtained through “wilful misstatement and suppression of facts.

He had earlier informed the court of the need to resolve the status of 18 years’ worth of show-cause notices.“The stakes are difficult to quantify, with the estimated value between Rs 20,000 crore and Rs 23,000 crore, although we lack complete visibility,” Venkataraman had told the court.

The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) upheld these penalties, after which Canon, along with other companies, appealed to the Supreme Court.