Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
No evidence showed that the customs broker knowingly participated in or abetted the attempted export of prohibited red sanders concealed in consignments declared as granite slabs. The Tribunal accepted that he had failed to verify the exporters' antecedents and had not met the due diligence and KYC standards expected under customs clearance work, so penalty was justified in principle under Section 114. As knowledge or involvement in the smuggling was not established, and the appellate record itself noted he was not involved in the nefarious activity, the penalty was found excessive and reduced to a nominal amount.
No evidence showed that the customs broker knowingly participated in or abetted the attempted export of prohibited red sanders concealed in consignments declared as granite slabs. The Tribunal accepted that he had failed to verify the exporters' antecedents and had not met the due diligence and KYC standards expected under customs clearance work, so penalty was justified in principle under Section 114. As knowledge or involvement in the smuggling was not established, and the appellate record itself noted he was not involved in the nefarious activity, the penalty was found excessive and reduced to a nominal amount.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
