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...
Customs Act - Importer paid import duty on fresh apples through scrips issued under FMS, FPS, and VKGUY schemes, endorsed by officers. Subsequently, duty paid in cash with interest. Show cause notice issued invoking Section 28(4) for suppression and larger period of limitation unjustified. No culpability, fraud, or intent to evade duty proven. Penalty u/s 114A initially imposed Rs. 23 lakh, later enhanced to Rs. 1,72,61,089 set aside. Imported goods not liable for confiscation. Appeal allowed by CESTAT.
Customs Act - Importer paid import duty on fresh apples through scrips issued under FMS, FPS, and VKGUY schemes, endorsed by officers. Subsequently, duty paid in cash with interest. Show cause notice issued invoking Section 28(4) for suppression and larger period of limitation unjustified. No culpability, fraud, or intent to evade duty proven. Penalty u/s 114A initially imposed Rs. 23 lakh, later enhanced to Rs. 1,72,61,089 set aside. Imported goods not liable for confiscation. Appeal allowed by CESTAT.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
