Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Levy of penalty u/s 271(1)(c) - claim of incorrect deduction u/s 80GGA - The Appellate Tribunal analyzed the timeline of events and noted that the assessee had voluntarily offered the disputed deductions for taxation before the initiation of reassessment proceedings. It was observed that the assessee had withdrawn the claims of deductions and paid the necessary taxes well before the notice under section 148 of the Act was issued. The Tribunal found no basis in the findings of the lower authorities that there was concealment of income on the part of the assessee. Consequently, the Tribunal found no justification for the imposition of penalties u/s 271(1)(c) of the Act and proceeded to delete the penalties for both assessment years.
Levy of penalty u/s 271(1)(c) - claim of incorrect deduction u/s 80GGA - The Appellate Tribunal analyzed the timeline of events and noted that the assessee had voluntarily offered the disputed deductions for taxation before the initiation of reassessment proceedings. It was observed that the assessee had withdrawn the claims of deductions and paid the necessary taxes well before the notice under section 148 of the Act was issued. The Tribunal found no basis in the findings of the lower authorities that there was concealment of income on the part of the assessee. Consequently, the Tribunal found no justification for the imposition of penalties u/s 271(1)(c) of the Act and proceeded to delete the penalties for both assessment years.
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