Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
A Customs Broker cannot be penalised for an exporter's misdeclaration unless the record shows knowledge, collusion, or a failure of due diligence under the Licensing Regulations. Here, the Tribunal found that the broker had obtained KYC documents, the branch-in-charge stated it had no knowledge of sugar being concealed in bags declared as raw rice, and the incorrect affidavit was only a clerical error. As there was no admissible evidence that the broker failed to advise the client or verify the information, the alleged violations of Regulations 10(d), 10(e) and 10(n) were unsustainable and the penalty was set aside.
A Customs Broker cannot be penalised for an exporter's misdeclaration unless the record shows knowledge, collusion, or a failure of due diligence under the Licensing Regulations. Here, the Tribunal found that the broker had obtained KYC documents, the branch-in-charge stated it had no knowledge of sugar being concealed in bags declared as raw rice, and the incorrect affidavit was only a clerical error. As there was no admissible evidence that the broker failed to advise the client or verify the information, the alleged violations of Regulations 10(d), 10(e) and 10(n) were unsustainable and the penalty was set aside.
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