CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
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The CESTAT held that penalty under Section 114 of the Customs Act, 1962 is contingent upon confiscation of goods under Section 113. Since there was no confiscation of the exported goods, penalty under Section 114 could not be imposed. The appellant was neither involved in mis-declaration nor overvaluation of export goods, and the Revenue failed to produce evidence linking the appellant to any wrongdoing. The Tribunal relied on precedent where penalty was set aside in similar circumstances. Consequently, the penalty of Rs.4,50,000 imposed under Section 114 was quashed and the appeal was allowed.
The CESTAT held that penalty under Section 114 of the Customs Act, 1962 is contingent upon confiscation of goods under Section 113. Since there was no confiscation of the exported goods, penalty under Section 114 could not be imposed. The appellant was neither involved in mis-declaration nor overvaluation of export goods, and the Revenue failed to produce evidence linking the appellant to any wrongdoing. The Tribunal relied on precedent where penalty was set aside in similar circumstances. Consequently, the penalty of Rs.4,50,000 imposed under Section 114 was quashed and the appeal was allowed.
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