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...
Imposition of penalties u/s 114 (iii) and 114A on employees / manager of CHA - benami shipping bills - The Tribunal found that the appellant knowingly filed benami shipping bills with mis-declared information, facilitating fraudulent claims of drawback. This act rendered the goods liable for confiscation. Despite the appellant's assertion of innocence, the Tribunal held that he failed to exercise due diligence expected of a CHA manager. Filing shipping bills without verifying the authenticity of the exporter's documents amounted to complicity in the fraudulent scheme.
Imposition of penalties u/s 114 (iii) and 114A on employees / manager of CHA - benami shipping bills - The Tribunal found that the appellant knowingly filed benami shipping bills with mis-declared information, facilitating fraudulent claims of drawback. This act rendered the goods liable for confiscation. Despite the appellant's assertion of innocence, the Tribunal held that he failed to exercise due diligence expected of a CHA manager. Filing shipping bills without verifying the authenticity of the exporter's documents amounted to complicity in the fraudulent scheme.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
