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...
Penalty under Customs law could not be sustained against a customs broker where the only allegation was breach of the Customs Brokers Licensing Regulations. The Tribunal noted that earlier licence-suspension proceedings had recorded no mens rea, knowledge, connivance or negligence, and the suspension was revoked. Section 112(a)(i) applies only if the person did or omitted to do an act rendering the goods liable to confiscation under Section 111. As the impugned order found no such act, omission or abetment and rested only on CBLR breach, the statutory basis for penalty was absent and the penalty was set aside.
Penalty under Customs law could not be sustained against a customs broker where the only allegation was breach of the Customs Brokers Licensing Regulations. The Tribunal noted that earlier licence-suspension proceedings had recorded no mens rea, knowledge, connivance or negligence, and the suspension was revoked. Section 112(a)(i) applies only if the person did or omitted to do an act rendering the goods liable to confiscation under Section 111. As the impugned order found no such act, omission or abetment and rested only on CBLR breach, the statutory basis for penalty was absent and the penalty was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
