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 set aside penalty imposed under Section 114 of Customs Act, 1962 for alleged overvaluation of exported CD ROMs intended to fraudulently claim DEPB scripts. The Tribunal held that penalty under Section 114 requires goods to be liable for confiscation under Section 113, but since goods were already exported, confiscation under Section 113(d) was impossible. Additionally, no material evidence established appellant's knowledge of inflated valuation. The Tribunal ruled that without sustainable confiscation proceedings, penalty under Section 114 cannot be sustained, thereby allowing the appeal and setting aside the Commissioner's penalty order dated 31.01.2006.
CESTAT set aside penalty imposed under Section 114 of Customs Act, 1962 for alleged overvaluation of exported CD ROMs intended to fraudulently claim DEPB scripts. The Tribunal held that penalty under Section 114 requires goods to be liable for confiscation under Section 113, but since goods were already exported, confiscation under Section 113(d) was impossible. Additionally, no material evidence established appellant's knowledge of inflated valuation. The Tribunal ruled that without sustainable confiscation proceedings, penalty under Section 114 cannot be sustained, thereby allowing the appeal and setting aside the Commissioner's penalty order dated 31.01.2006.
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