Tariff rate quota authorisations govern preferential imports of specified New Zealand goods through export certification and electronic customs debiti...
Electronic Continuity Bond Registration replaces manual container permissions, with quarterly reporting and re-export monitoring for duty-free contain...
Delayed transport documents failed to validate intercepted goods, sustaining transit-state penalties where the claimed interstate destination remained...
The ITAT held that the assessee's failure to offer long-term capital gains from the transfer of immovable property in the correct assessment year was due to ignorance rather than willful concealment. Although the income should have been declared in AY 2003-04, it was instead disclosed in AY 2011-12, and the tax liability was duly computed and paid. Consequently, the imposition of penalty under section 271(1)(c) was not justified as there was no intention to evade tax. The penalty order was set aside, and the assessee's appeal was allowed.
The ITAT held that the assessee's failure to offer long-term capital gains from the transfer of immovable property in the correct assessment year was due to ignorance rather than willful concealment. Although the income should have been declared in AY 2003-04, it was instead disclosed in AY 2011-12, and the tax liability was duly computed and paid. Consequently, the imposition of penalty under section 271(1)(c) was not justified as there was no intention to evade tax. The penalty order was set aside, and the assessee's appeal was allowed.
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TaxTMI 
TaxTMI 
