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...
Reversal of proportional CENVAT Credit - trading activity - The Revenue argued that the appellant did not exercise the option u/r 6(2) in writing before the jurisdictional officer, therefore, the reversal of proportionate credit does not apply. - The Tribunal upheld the Commissioner's decision to allow the reversal of proportionate credit, considering that the appellant predominantly engaged in taxable services mainly exports, and the trading activity was minimal during the relevant period. Relying on precedents and amendments to the law in the Finance Act, 2016, the Tribunal found no merit in the Revenue's appeal against the demand.
Reversal of proportional CENVAT Credit - trading activity - The Revenue argued that the appellant did not exercise the option u/r 6(2) in writing before the jurisdictional officer, therefore, the reversal of proportionate credit does not apply. - The Tribunal upheld the Commissioner's decision to allow the reversal of proportionate credit, considering that the appellant predominantly engaged in taxable services mainly exports, and the trading activity was minimal during the relevant period. Relying on precedents and amendments to the law in the Finance Act, 2016, the Tribunal found no merit in the Revenue's appeal against the demand.
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TaxTMI 
TaxTMI 
of 4915 
