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...
Central Excise demands cannot be sustained solely based on confessional statements without corroborative documentary evidence. Retracted affidavits cannot be relied upon in isolation. Cross-examination must be allowed when requested for statements relied upon. Clandestine clearance allegations require substantial evidence from the Revenue, which was lacking in this case. Demands and penalties were set aside due to lack of merits and insufficient evidence presented by the Revenue.
Central Excise demands cannot be sustained solely based on confessional statements without corroborative documentary evidence. Retracted affidavits cannot be relied upon in isolation. Cross-examination must be allowed when requested for statements relied upon. Clandestine clearance allegations require substantial evidence from the Revenue, which was lacking in this case. Demands and penalties were set aside due to lack of merits and insufficient evidence presented by the Revenue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
