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...
The HC modified the prior order, directing that the reference to Rs.50 lakhs be read as Rs.1.73 crores. The original Petitioners are granted six weeks to furnish an additional bank guarantee of Rs.1.23 crores or a consolidated bank guarantee of Rs.1.73 crores; upon provision of a consolidated guarantee, the customs authorities may return the original Rs.50 lakhs guarantee to the original Petitioners. Non-compliance permits the customs authorities to pursue any lawful measures, including seeking relief from the HC. The interim application is disposed of on these terms without costs, and all concerned must act on an authenticated copy of the order.
The HC modified the prior order, directing that the reference to Rs.50 lakhs be read as Rs.1.73 crores. The original Petitioners are granted six weeks to furnish an additional bank guarantee of Rs.1.23 crores or a consolidated bank guarantee of Rs.1.73 crores; upon provision of a consolidated guarantee, the customs authorities may return the original Rs.50 lakhs guarantee to the original Petitioners. Non-compliance permits the customs authorities to pursue any lawful measures, including seeking relief from the HC. The interim application is disposed of on these terms without costs, and all concerned must act on an authenticated copy of the order.
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