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 - goods were undervalued - The High Court, after careful consideration of legal precedents and statutory provisions, ruled in favor of the petitioner. It held that detaining goods based solely on valuation discrepancies does not warrant penalty imposition under Section 129 of the Act. The court emphasized adherence to proper procedures outlined in Sections 73 or 74 of the Act for cases involving under-valuation. Consequently, the impugned orders were quashed, and any deposits made by the petitioner were ordered to be returned.
Levy of penalty - goods were undervalued - The High Court, after careful consideration of legal precedents and statutory provisions, ruled in favor of the petitioner. It held that detaining goods based solely on valuation discrepancies does not warrant penalty imposition under Section 129 of the Act. The court emphasized adherence to proper procedures outlined in Sections 73 or 74 of the Act for cases involving under-valuation. Consequently, the impugned orders were quashed, and any deposits made by the petitioner were ordered to be returned.
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TaxTMI 
TaxTMI 
of 4915 
