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 penalty - Misdeclaration of quantity in the impugned consignments - It is a settled principle of law that a corrigendum cannot be issued altering the issues causing undue disadvantage to the Noticee - The penalty was imposed under Section 114A, even though the same was not proposed in the Show Cause Notice. Therefore, the impugned order suffers from legal infirmities and such an order cannot be upheld. In this case, the appellants having adhered to the provisions of Section 28 of the Customs Act, 1962 have rightful claim as per the provisions of Section 28(6) ibid. - AT
Levy of penalty - Misdeclaration of quantity in the impugned consignments - It is a settled principle of law that a corrigendum cannot be issued altering the issues causing undue disadvantage to the Noticee - The penalty was imposed under Section 114A, even though the same was not proposed in the Show Cause Notice. Therefore, the impugned order suffers from legal infirmities and such an order cannot be upheld. In this case, the appellants having adhered to the provisions of Section 28 of the Customs Act, 1962 have rightful claim as per the provisions of Section 28(6) ibid. - AT
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TaxTMI 
TaxTMI 
of 4916 
