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...
SAFTA - Denial of benefit of Notification No.99/2011-CUS - Importation of the goods from Bangladesh - Edible oils - The Tribunal noted that the certificates of origin had been duly issued and verified by competent Bangladeshi authorities, which the Indian revenue department acknowledged as genuine. It highlighted precedents where certificates of origin issued under trade agreements must be respected unless proven otherwise by the Revenue. The Tribunal found that although the goods imported directly from Malaysia and Indonesia were cheaper, the processing and conversion of crude palm oil to Refined Palm Olein in Bangladesh justified a higher price. The Tribunal accepted the process undertaken in Bangladesh as legitimate and compliant with SAFTA.
SAFTA - Denial of benefit of Notification No.99/2011-CUS - Importation of the goods from Bangladesh - Edible oils - The Tribunal noted that the certificates of origin had been duly issued and verified by competent Bangladeshi authorities, which the Indian revenue department acknowledged as genuine. It highlighted precedents where certificates of origin issued under trade agreements must be respected unless proven otherwise by the Revenue. The Tribunal found that although the goods imported directly from Malaysia and Indonesia were cheaper, the processing and conversion of crude palm oil to Refined Palm Olein in Bangladesh justified a higher price. The Tribunal accepted the process undertaken in Bangladesh as legitimate and compliant with SAFTA.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
