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...
Refund claim for the amount of duty interest penalty paid during investigation of demand case - rejection on the ground of time bar - The appellant has admittedly filed the refund after one year from the passing of the tribunal order whereby demand was set aside. Therefore, in terms of the sub clause (ec) of clause (B) of section 11B, the refund claim filed after one year from the relevant date is clearly time bar. - Since the appellant has paid duty, interest and 25% penalty voluntary to avail the benefit of reduced penalty, it cannot be said that the amount paid is not duty and Pre-deposit. - AT
Refund claim for the amount of duty interest penalty paid during investigation of demand case - rejection on the ground of time bar - The appellant has admittedly filed the refund after one year from the passing of the tribunal order whereby demand was set aside. Therefore, in terms of the sub clause (ec) of clause (B) of section 11B, the refund claim filed after one year from the relevant date is clearly time bar. - Since the appellant has paid duty, interest and 25% penalty voluntary to avail the benefit of reduced penalty, it cannot be said that the amount paid is not duty and Pre-deposit. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
