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...
HC reduced penalty from Rs. 17.10 lakhs to Rs. 10,000 for a SEZ unit's failure to achieve positive Net Foreign Exchange Earnings (NFE) in 2008-09. The unit's inability was attributed to severe weather conditions causing damage to export goods. The court considered that the unit subsequently achieved positive NFE in 2011-12 and maintained compliance over the five-year block period (2005-06 to 2009-10). Under Rule 54(2) of SEZ Rules and FTDR Act, the court deemed the original penalty excessive, noting the temporary nature of the breach and valid explanations provided. The token penalty reflects a proportionate response to the technical violation while acknowledging the unit's overall compliance and mitigating circumstances.
HC reduced penalty from Rs. 17.10 lakhs to Rs. 10,000 for a SEZ unit's failure to achieve positive Net Foreign Exchange Earnings (NFE) in 2008-09. The unit's inability was attributed to severe weather conditions causing damage to export goods. The court considered that the unit subsequently achieved positive NFE in 2011-12 and maintained compliance over the five-year block period (2005-06 to 2009-10). Under Rule 54(2) of SEZ Rules and FTDR Act, the court deemed the original penalty excessive, noting the temporary nature of the breach and valid explanations provided. The token penalty reflects a proportionate response to the technical violation while acknowledging the unit's overall compliance and mitigating circumstances.
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TaxTMI 
TaxTMI 
of 4915 
