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 u/s 112 (b) (ii) of the Customs Act, 1962 - smuggling of Gold Bars - Allegation that goods were bought from Myanmar without proper documents - The tribunal held that, in the instant case the inscriptions as embossed on the recovered gold bars clearly demonstrates that they have been manufactured in a foreign country”. The seizure Report and the SCN do not speak any such inscription. Therefore, this finding of the Adjudicating Authority is not backed by any documentary evidence whatsoever. - No Penalty.
Levy of penalty u/s 112 (b) (ii) of the Customs Act, 1962 - smuggling of Gold Bars - Allegation that goods were bought from Myanmar without proper documents - The tribunal held that, in the instant case the inscriptions as embossed on the recovered gold bars clearly demonstrates that they have been manufactured in a foreign country”. The seizure Report and the SCN do not speak any such inscription. Therefore, this finding of the Adjudicating Authority is not backed by any documentary evidence whatsoever. - No Penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
