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 by way of remand for de novo adjudication. It held that although sufficient opportunities were granted to the appellant, including personal hearings, the appellant failed to file necessary documents to substantiate its claim that the amounts received were loans against bank guarantees and not taxable advances. The CESTAT observed that service tax is applicable on advances unless adequately proven otherwise. However, in the interest of justice, the matter was remanded to the Commissioner for fresh adjudication.
The CESTAT allowed the appeal by way of remand for de novo adjudication. It held that although sufficient opportunities were granted to the appellant, including personal hearings, the appellant failed to file necessary documents to substantiate its claim that the amounts received were loans against bank guarantees and not taxable advances. The CESTAT observed that service tax is applicable on advances unless adequately proven otherwise. However, in the interest of justice, the matter was remanded to the Commissioner for fresh adjudication.
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