Appellate enhancement limits protect against new income sources, while documented credits and prior-year investments resist unexplained-income additio...
Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
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CESTAT Chandigarh addressed the import of 'Prime Pre-painted Steel Coils (Non Alloy)' and whether they were restricted goods violating DGFT policy conditions. The tribunal noted lack of sufficient reasons for imposing redemption fine and penalty in the Commissioner's order. Previous order found no mis-declaration by the appellant, setting aside confiscation u/s 111(d) and redemption fine but retaining penalty u/s 112(a). Confiscation being set aside negates penalty imposition. No malafide intent to evade duty was found, citing precedents like John Deere India Pvt Ltd. Decision allowed the appeals, setting aside both orders with appropriate relief.
CESTAT Chandigarh addressed the import of 'Prime Pre-painted Steel Coils (Non Alloy)' and whether they were restricted goods violating DGFT policy conditions. The tribunal noted lack of sufficient reasons for imposing redemption fine and penalty in the Commissioner's order. Previous order found no mis-declaration by the appellant, setting aside confiscation u/s 111(d) and redemption fine but retaining penalty u/s 112(a). Confiscation being set aside negates penalty imposition. No malafide intent to evade duty was found, citing precedents like John Deere India Pvt Ltd. Decision allowed the appeals, setting aside both orders with appropriate relief.
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TaxTMI 
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