Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
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The Appellate Tribunal held that the extended period of limitation for demand of duty could not be invoked as there was no suppression of facts or intent to evade payment of Central Excise duty by the appellants. The manufacture, clearances, and business transactions were duly recorded in books of account maintained by the appellants. The CENVAT credit demand and interest were set aside as the credit was reversed without utilization. No penalty was imposable as there was no intention to evade duty. The personal penalty on the partner was also set aside, following jurisdictional High Court precedents that separate personal penalties on partners in a firm case are unjustified. Consequently, the appeal was allowed.
The Appellate Tribunal held that the extended period of limitation for demand of duty could not be invoked as there was no suppression of facts or intent to evade payment of Central Excise duty by the appellants. The manufacture, clearances, and business transactions were duly recorded in books of account maintained by the appellants. The CENVAT credit demand and interest were set aside as the credit was reversed without utilization. No penalty was imposable as there was no intention to evade duty. The personal penalty on the partner was also set aside, following jurisdictional High Court precedents that separate personal penalties on partners in a firm case are unjustified. Consequently, the appeal was allowed.
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