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...
Rejection of transaction value declared by appellant was improper as it lacked cogent and comparable evidence from contemporaneous imports. Adjudicating authority failed to consider appellant's evidence on contemporaneous lower-value imports and provide details of higher adopted values. Valuation rules were not followed systematically for re-determining assessable value. Penalty imposed on appellant's partner u/s 114AA lacked requisite ingredients. Impugned order set aside, appeal allowed by Customs, Excise and Service Tax Appellate Tribunal.
Rejection of transaction value declared by appellant was improper as it lacked cogent and comparable evidence from contemporaneous imports. Adjudicating authority failed to consider appellant's evidence on contemporaneous lower-value imports and provide details of higher adopted values. Valuation rules were not followed systematically for re-determining assessable value. Penalty imposed on appellant's partner u/s 114AA lacked requisite ingredients. Impugned order set aside, appeal allowed by Customs, Excise and Service Tax Appellate Tribunal.
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TaxTMI 
TaxTMI 
of 4915 
