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...
Penalty imposed for import of chemicals using fake duty exemption licenses. Appellant claimed exemption under DEPB but used fake licenses and TRAs. Statement of witness Chandran retracted, no nexus established between brokers and imported goods. No finding of fraudulent conduct by Appellant. Tribunal considered relevant facts, reduced penalty from Rs. 5 lakhs to Rs. 3 lakhs based on evidence. HC upheld Tribunal's factual findings and conclusions, dismissed appeal.
Penalty imposed for import of chemicals using fake duty exemption licenses. Appellant claimed exemption under DEPB but used fake licenses and TRAs. Statement of witness Chandran retracted, no nexus established between brokers and imported goods. No finding of fraudulent conduct by Appellant. Tribunal considered relevant facts, reduced penalty from Rs. 5 lakhs to Rs. 3 lakhs based on evidence. HC upheld Tribunal's factual findings and conclusions, dismissed appeal.
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TaxTMI 
TaxTMI 
of 4916 
