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...
Retracted statements and an unreliable panchnama were treated as insufficient to sustain allegations of export diversion and misuse of the duty drawback scheme. The tribunal noted that the main statements were retracted at the first opportunity, the retractions were not rebutted, and the panch witnesses were not examined despite request. It also found no independent corroboration for the alleged rerouting of goods through another exporter. Repeated requests for cross-examination and proper hearing were denied or ignored, and the written reply was not considered, amounting to breach of natural justice and vitiating the adjudication.
Retracted statements and an unreliable panchnama were treated as insufficient to sustain allegations of export diversion and misuse of the duty drawback scheme. The tribunal noted that the main statements were retracted at the first opportunity, the retractions were not rebutted, and the panch witnesses were not examined despite request. It also found no independent corroboration for the alleged rerouting of goods through another exporter. Repeated requests for cross-examination and proper hearing were denied or ignored, and the written reply was not considered, amounting to breach of natural justice and vitiating the adjudication.
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TaxTMI 
TaxTMI 
of 4915 
