Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Page of 4798
Press 'Enter' after typing page number.
1161 to 1180 of 95957 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Appellant financed an individual for smuggling gold from Dubai and selling it in India. Penalty was imposed u/s 112(b)(i) of the Customs Act, 1962. The Commissioner held that the appellant was concerned with selling, purchasing, and dealing with goods liable for confiscation, rendering them liable for penalty u/s 112(b)(i). Section 112(b) allows imposing a penalty when a person acquires possession of or is concerned in carrying, removing, depositing, harboring, keeping, concealing, selling, purchasing, or dealing with goods known or reasonably believed to be liable for confiscation u/s 111. However, the Revenue did not allege that the appellant was involved in such activities. The appellant did not acquire possession or concern themselves with importing gold, so the penalty u/s 112(b) should not have been imposed. The appellant did not fall within Section 112(b)'s ambit as they neither acquired possession nor dealt with goods known or reasonably believed to be liable for confiscation. The department failed to prove the appellant's knowledge of activities related to smuggled gold, lacking grounds for imposing a penalty. Mens rea is crucial for penalizing persons u/s 112(b), and the evidence did not suggest the appellant was aware the goods were smuggled into India. Therefore, the penalty imposed on the appellant cannot be sustained.
Appellant financed an individual for smuggling gold from Dubai and selling it in India. Penalty was imposed u/s 112(b)(i) of the Customs Act, 1962. The Commissioner held that the appellant was concerned with selling, purchasing, and dealing with goods liable for confiscation, rendering them liable for penalty u/s 112(b)(i). Section 112(b) allows imposing a penalty when a person acquires possession of or is concerned in carrying, removing, depositing, harboring, keeping, concealing, selling, purchasing, or dealing with goods known or reasonably believed to be liable for confiscation u/s 111. However, the Revenue did not allege that the appellant was involved in such activities. The appellant did not acquire possession or concern themselves with importing gold, so the penalty u/s 112(b) should not have been imposed. The appellant did not fall within Section 112(b)'s ambit as they neither acquired possession nor dealt with goods known or reasonably believed to be liable for confiscation. The department failed to prove the appellant's knowledge of activities related to smuggled gold, lacking grounds for imposing a penalty. Mens rea is crucial for penalizing persons u/s 112(b), and the evidence did not suggest the appellant was aware the goods were smuggled into India. Therefore, the penalty imposed on the appellant cannot be sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
