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 lying in cenvat credit on CVD and BCD paid by the appellant - The Tribunal observed that the appellant wasn't registered under the Central Excise Act, 1944, during the relevant period. Therefore, they were not eligible for cenvat credit under the existing law. Despite transitional provisions permitting credit transfer on the appointed day (01.07.2012), the appellant had paid duties after this date. Hence, they were ineligible for the credit prayed for under transitional provisions. The Tribunal upheld the rejection of the refund claim, citing the conditional nature of the import and its exclusive use for export as per Foreign Trade Policy.
Refund claim lying in cenvat credit on CVD and BCD paid by the appellant - The Tribunal observed that the appellant wasn't registered under the Central Excise Act, 1944, during the relevant period. Therefore, they were not eligible for cenvat credit under the existing law. Despite transitional provisions permitting credit transfer on the appointed day (01.07.2012), the appellant had paid duties after this date. Hence, they were ineligible for the credit prayed for under transitional provisions. The Tribunal upheld the rejection of the refund claim, citing the conditional nature of the import and its exclusive use for export as per Foreign Trade Policy.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
