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 set aside the impugned order, ruling that the failure to consider relevant judicial pronouncements and circulars while finalizing Shipping Bills constituted a clerical mistake/omission rectifiable under Section 154 of the Customs Act, 1962. Following precedent in Sesa Goa Limited [2010], the Tribunal held that the adjudicating authority's failure to take cognizance of the Supreme Court decision and Circular dated 17.02.2012 when determining 'Fe' content on DMT instead of WMT basis was an error arising from accidental omission. The authority must rectify this error under Section 154 and provide consequential benefits to the appellant by determining 'Fe' content on WMT basis in accordance with law.
The CESTAT set aside the impugned order, ruling that the failure to consider relevant judicial pronouncements and circulars while finalizing Shipping Bills constituted a clerical mistake/omission rectifiable under Section 154 of the Customs Act, 1962. Following precedent in Sesa Goa Limited [2010], the Tribunal held that the adjudicating authority's failure to take cognizance of the Supreme Court decision and Circular dated 17.02.2012 when determining 'Fe' content on DMT instead of WMT basis was an error arising from accidental omission. The authority must rectify this error under Section 154 and provide consequential benefits to the appellant by determining 'Fe' content on WMT basis in accordance with law.
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