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 HC ruled that once the petitioner regularized their export obligation under the Amnesty Scheme by paying the entire duty forgone (Rs. 50,23,802/-) plus interest (Rs. 13,35,689/-) under the EPCG Scheme, and obtained an export obligation discharge certificate, no additional penalties could be imposed. The Court reasoned that payment of the full duty amount with interest effectively meant the petitioner had not availed of the EPCG Scheme benefits, thereby discharging the export obligation. Consequently, the fine imposed under Section 112(a) of the Customs Act in lieu of confiscation under Section 111(o) was held unrecoverable, as the same default could not be subject to multiple penalties once regularized through the Amnesty Scheme. Petition allowed.
The HC ruled that once the petitioner regularized their export obligation under the Amnesty Scheme by paying the entire duty forgone (Rs. 50,23,802/-) plus interest (Rs. 13,35,689/-) under the EPCG Scheme, and obtained an export obligation discharge certificate, no additional penalties could be imposed. The Court reasoned that payment of the full duty amount with interest effectively meant the petitioner had not availed of the EPCG Scheme benefits, thereby discharging the export obligation. Consequently, the fine imposed under Section 112(a) of the Customs Act in lieu of confiscation under Section 111(o) was held unrecoverable, as the same default could not be subject to multiple penalties once regularized through the Amnesty Scheme. Petition allowed.
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