Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The ITAT set aside the penalty under section 271(1)(c) imposed on the assessee for alleged concealment and furnishing of inaccurate income particulars. The assessee's claim of invoking the "owelty" principle to characterize received amounts as non-taxable was previously rejected in quantum proceedings; however, this does not automatically justify penalty imposition. The Tribunal held that penalty proceedings run parallel to assessment and mere disallowance or addition does not warrant penalty without deliberate concealment. Consequently, the impugned penalty was deleted, and the assessee's appeal was allowed.
The ITAT set aside the penalty under section 271(1)(c) imposed on the assessee for alleged concealment and furnishing of inaccurate income particulars. The assessee's claim of invoking the "owelty" principle to characterize received amounts as non-taxable was previously rejected in quantum proceedings; however, this does not automatically justify penalty imposition. The Tribunal held that penalty proceedings run parallel to assessment and mere disallowance or addition does not warrant penalty without deliberate concealment. Consequently, the impugned penalty was deleted, and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
