Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Page of 4801
Press 'Enter' after typing page number.
941 to 960 of 96001 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
