Exemption Notifications Override CBEC Circulars: CESTAT Rules Jewellery Exports Need Not Be Made..

The CESTAT has ruled that "exemption notifications override CBEC circulars," and that "jewellery exports need not be made only from imported gold." This decision provides a crucial victory for the taxpayer, acknowledging that not all cash deposits during the demonetization period were from unexplained sources. The ruling, a significant victory for the company, reinforces the principle of legal certainty and predictability in tax matters. The court's decision is a crucial reminder to all that they must be diligent in their dealings.