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...
CESTAT allowed the appeal, setting aside the penalty imposed on the former Managing Director under section 112(a)(ii) of the Customs Act. The tribunal held that imposing a penalty requires a conscious exercise of duty evasion, and based on precedent from Kerala HC, the penalty against the Former MD could not be sustained. The original order imposing the penalty was consequently nullified, effectively exonerating the Former MD from the customs duty evasion charges.
CESTAT allowed the appeal, setting aside the penalty imposed on the former Managing Director under section 112(a)(ii) of the Customs Act. The tribunal held that imposing a penalty requires a conscious exercise of duty evasion, and based on precedent from Kerala HC, the penalty against the Former MD could not be sustained. The original order imposing the penalty was consequently nullified, effectively exonerating the Former MD from the customs duty evasion charges.
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TaxTMI 
TaxTMI 
of 4915 
