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...
Clandestine manufacture and clearance of Sponge Iron alleged - undervaluation demand calculated based on seized documents - retraction of statements - Section 9D of Central Excise Act, 1944 not followed - penalty on Managing Director set aside - 18,156.96 MT Sponge Iron confiscation set aside. Seized documents cannot be relied upon without establishing author's identity as per Section 36A. Statements alone insufficient to prove clandestine removal without corroborative evidence like unaccounted raw materials, stock discrepancies, seizures en route, excess electricity consumption, evidence of transporters/buyers and fund flow. Demands unsustainable without mandatory examination u/s 9D. Impugned order set aside, appeal allowed.
Clandestine manufacture and clearance of Sponge Iron alleged - undervaluation demand calculated based on seized documents - retraction of statements - Section 9D of Central Excise Act, 1944 not followed - penalty on Managing Director set aside - 18,156.96 MT Sponge Iron confiscation set aside. Seized documents cannot be relied upon without establishing author's identity as per Section 36A. Statements alone insufficient to prove clandestine removal without corroborative evidence like unaccounted raw materials, stock discrepancies, seizures en route, excess electricity consumption, evidence of transporters/buyers and fund flow. Demands unsustainable without mandatory examination u/s 9D. Impugned order set aside, appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
