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...
Levy of fine and penalty - Valuation of imported goods - There are no merit in the order of the authorities below in mechanically imposing fine and penalty on the appellant. In the order of the adjudicating authority, no justification has been recorded for imposition of penalty and directing confiscation of the goods - there are no circumstances brought on record to show that the value declared by the appellant is intentionally manipulated or suppressed - fine and penalty set aside - AT
Levy of fine and penalty - Valuation of imported goods - There are no merit in the order of the authorities below in mechanically imposing fine and penalty on the appellant. In the order of the adjudicating authority, no justification has been recorded for imposition of penalty and directing confiscation of the goods - there are no circumstances brought on record to show that the value declared by the appellant is intentionally manipulated or suppressed - fine and penalty set aside - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
