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...
The High Court interpreted Section 110-A of the Customs Act, 1962, focusing on the discretionary use of "may" instead of "shall" regarding provisional release of prohibited goods. The appellant refused provisional release as imported gold meant for export was diverted to the domestic market. The Tribunal can review the appellant's decision but, due to the serious violation, it wasn't justified in releasing the goods provisionally. The Tribunal overlooked Circular No.35/2017, stating prohibited goods cannot be provisionally released. The respondent can deposit the gold's value for provisional release, ensuring compliance with export obligations. The appeal of revenue allowed.
The High Court interpreted Section 110-A of the Customs Act, 1962, focusing on the discretionary use of "may" instead of "shall" regarding provisional release of prohibited goods. The appellant refused provisional release as imported gold meant for export was diverted to the domestic market. The Tribunal can review the appellant's decision but, due to the serious violation, it wasn't justified in releasing the goods provisionally. The Tribunal overlooked Circular No.35/2017, stating prohibited goods cannot be provisionally released. The respondent can deposit the gold's value for provisional release, ensuring compliance with export obligations. The appeal of revenue allowed.
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TaxTMI 
TaxTMI 
of 4916 
