Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out u/s 153A, additions made u/s 50C - assessee contended that without search, income from Long Term Capital Gains (LTCG) and cash transactions would not have been disclosed - Held: No reference to any statement recorded u/s 132(4) showing admission of undisclosed income, a prerequisite for invoking Section 271AAB(1A). Income from LTCG and cash transactions not alleged to be false by Revenue. LTCG otherwise taxable, transactions routed through banking channels, advance tax paid, hence cannot be treated as undisclosed income. Coordinate Bench decision in assessee's wife's case affirmed the view. Imposition of 30% penalty on alleged undisclosed income u/s 271AAB(1A)(a) not justified.
Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out u/s 153A, additions made u/s 50C - assessee contended that without search, income from Long Term Capital Gains (LTCG) and cash transactions would not have been disclosed - Held: No reference to any statement recorded u/s 132(4) showing admission of undisclosed income, a prerequisite for invoking Section 271AAB(1A). Income from LTCG and cash transactions not alleged to be false by Revenue. LTCG otherwise taxable, transactions routed through banking channels, advance tax paid, hence cannot be treated as undisclosed income. Coordinate Bench decision in assessee's wife's case affirmed the view. Imposition of 30% penalty on alleged undisclosed income u/s 271AAB(1A)(a) not justified.
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