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...
Area based exemption notification eligibility criteria were substantially met despite procedural lapses. Appellants commenced increased production capacity after substantial expansion before the specified date, rendering them eligible for exemption from that date onwards. Mere procedural violation of not filing declaration should not preclude exemption benefit. Department failed to establish suppression of facts or intent to evade duty payment, hence extended period of limitation cannot be invoked. Penalties imposed u/s 11AC set aside. Appeal partly allowed.
Area based exemption notification eligibility criteria were substantially met despite procedural lapses. Appellants commenced increased production capacity after substantial expansion before the specified date, rendering them eligible for exemption from that date onwards. Mere procedural violation of not filing declaration should not preclude exemption benefit. Department failed to establish suppression of facts or intent to evade duty payment, hence extended period of limitation cannot be invoked. Penalties imposed u/s 11AC set aside. Appeal partly allowed.
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TaxTMI 
TaxTMI 
of 4915 
