Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
The High Court considered the issue of penalty levy for exporting dimensional blocks directly from unlicensed quarries u/s 11(2) of the Foreign Trade (Development and Regulation) Act, 1992. The petitioner exported from the quarry site instead of the licensed premises specified in the Letter of Permission. The Court noted the breach of civil obligations attracting penalty, emphasizing that penalty for tax delinquency is civil and coercive, distinct from criminal penalties. The Court upheld the penalty imposition, finding no illegality, and dismissed the petition. The petitioner's failure to comply with export regulations led to the penalty levy.
The High Court considered the issue of penalty levy for exporting dimensional blocks directly from unlicensed quarries u/s 11(2) of the Foreign Trade (Development and Regulation) Act, 1992. The petitioner exported from the quarry site instead of the licensed premises specified in the Letter of Permission. The Court noted the breach of civil obligations attracting penalty, emphasizing that penalty for tax delinquency is civil and coercive, distinct from criminal penalties. The Court upheld the penalty imposition, finding no illegality, and dismissed the petition. The petitioner's failure to comply with export regulations led to the penalty levy.
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