Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The CESTAT held that the expression 'liable to penalty' u/s 114AA of the Customs Act, 1962 means that a person who knowingly makes a false declaration may be penalised, but it does not mandate imposition of penalty. The adjudicating authority has discretion to judicially decide whether to impose penalty or not. Even if the case is decided against the appellant's firm for misdeclaration of machinery's year of manufacture to obtain EPCG license, the appellant cannot be penalised u/s 114AA as the alleged misdeclaration was not in any proceeding under the Customs Act but under the Foreign Trade Policy. Therefore, the appeal against the penalty imposed on the appellant u/s 114AA was allowed.
The CESTAT held that the expression 'liable to penalty' u/s 114AA of the Customs Act, 1962 means that a person who knowingly makes a false declaration may be penalised, but it does not mandate imposition of penalty. The adjudicating authority has discretion to judicially decide whether to impose penalty or not. Even if the case is decided against the appellant's firm for misdeclaration of machinery's year of manufacture to obtain EPCG license, the appellant cannot be penalised u/s 114AA as the alleged misdeclaration was not in any proceeding under the Customs Act but under the Foreign Trade Policy. Therefore, the appeal against the penalty imposed on the appellant u/s 114AA was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
