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...
Invocation of larger (extended) period of limitation under Section 28(4) of the Customs Act, 1962 - The tribunal found sufficient evidence to support the allegation of willful mis-declaration aimed at evading import duty and compliance requirements. It noted the modus operandi outlined in the show-cause notice, where the importer imported goods in SKD condition to evade duty and compulsory compliance with regulations. Consequently, the tribunal upheld the application of Section 28(4) of the Customs Act, 1962.
Invocation of larger (extended) period of limitation under Section 28(4) of the Customs Act, 1962 - The tribunal found sufficient evidence to support the allegation of willful mis-declaration aimed at evading import duty and compliance requirements. It noted the modus operandi outlined in the show-cause notice, where the importer imported goods in SKD condition to evade duty and compulsory compliance with regulations. Consequently, the tribunal upheld the application of Section 28(4) of the Customs Act, 1962.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
