Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Imposition of a penalty without issuing a show cause notice or affording a hearing breaches the statutory discipline governing penalties and the principles of natural justice. As the revenue did not dispute that no notice initiating penalty proceedings was issued, the High Court found the petitioner had been denied the required opportunity to respond. The penalty was therefore unsustainable, and the writ petition was disposed of accordingly.
Imposition of a penalty without issuing a show cause notice or affording a hearing breaches the statutory discipline governing penalties and the principles of natural justice. As the revenue did not dispute that no notice initiating penalty proceedings was issued, the High Court found the petitioner had been denied the required opportunity to respond. The penalty was therefore unsustainable, and the writ petition was disposed of accordingly.
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