Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Customs Broker disciplinary liability under the CBLR, 2013 was upheld for serious failures of due diligence, supervision and verification, where the evidence showed inadequate oversight of customs clearance operations and insufficient verification of exporters' credentials. The Tribunal found these lapses sufficient to establish violations of Regulations 11(a), 11(b), 11(n) and 17(9), but it did not find conclusive proof of deliberate collusion, sharing of drawback, illegal gratification or conscious participation in the alleged fraud. On that basis, forfeiture of the security deposit was sustained as a proportionate lesser penalty, revocation of licence was not ordered, and continued suspension could not be justified merely because investigation remained pending.
Customs Broker disciplinary liability under the CBLR, 2013 was upheld for serious failures of due diligence, supervision and verification, where the evidence showed inadequate oversight of customs clearance operations and insufficient verification of exporters' credentials. The Tribunal found these lapses sufficient to establish violations of Regulations 11(a), 11(b), 11(n) and 17(9), but it did not find conclusive proof of deliberate collusion, sharing of drawback, illegal gratification or conscious participation in the alleged fraud. On that basis, forfeiture of the security deposit was sustained as a proportionate lesser penalty, revocation of licence was not ordered, and continued suspension could not be justified merely because investigation remained pending.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
