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...
The CESTAT allowed the appeal against confiscation of goods (Rahar Dal and Urad valued at Rs.7,65,000/-) and penalty imposed by the Department. It observed that the goods were not notified goods u/s 123 of the Customs Act, 1962, and the Department failed to prove their smuggled nature. The appellant had submitted evidence of purchasing the goods from farmers within India's territory. As the goods were not liable for confiscation u/ss 111(b) & (d), the penalty u/s 112 was also set aside.
The CESTAT allowed the appeal against confiscation of goods (Rahar Dal and Urad valued at Rs.7,65,000/-) and penalty imposed by the Department. It observed that the goods were not notified goods u/s 123 of the Customs Act, 1962, and the Department failed to prove their smuggled nature. The appellant had submitted evidence of purchasing the goods from farmers within India's territory. As the goods were not liable for confiscation u/ss 111(b) & (d), the penalty u/s 112 was also set aside.
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TaxTMI 
TaxTMI 
of 4916 
