Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Levy of penalty u/ss 114(i) and 114(iii) of the Customs Act without evidence of abetment in the export of red sanders. The appellant failed to obtain and verify the KYC of the exporter for whom they filed the shipping bill, violating Regulation 11 of the Customs House Agents Licensing Regulations (CHALR) 2004. They also failed to advise their client to comply with the Customs Act 1962 and the Shipping Bill of Export Regulations 1991. The Tribunal held that the violation of CHALR alone cannot constitute abetment without evidence of the appellant's knowledge about the illegal export. Mere violation of CHALR without knowledge cannot sustain penalties u/ss 114(i) and 114(iii). The impugned order was set aside, and the appeal was allowed.
Levy of penalty u/ss 114(i) and 114(iii) of the Customs Act without evidence of abetment in the export of red sanders. The appellant failed to obtain and verify the KYC of the exporter for whom they filed the shipping bill, violating Regulation 11 of the Customs House Agents Licensing Regulations (CHALR) 2004. They also failed to advise their client to comply with the Customs Act 1962 and the Shipping Bill of Export Regulations 1991. The Tribunal held that the violation of CHALR alone cannot constitute abetment without evidence of the appellant's knowledge about the illegal export. Mere violation of CHALR without knowledge cannot sustain penalties u/ss 114(i) and 114(iii). The impugned order was set aside, and the appeal was allowed.
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