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...
HC allowed the petition and held that redemption fines imposed under the Central Excise regime are consequential to non-payment of duty and not a distinct category of penalty outside the ambit of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDR Scheme). The Court concluded that payment under Section 124 of the SVLDR Scheme, and issuance of the discharge certificate, extinguishes the duty, interest and penalties, and therefore operates to waive redemption fines arising from seizure/confiscation. The Court directed that taxpayers who avail scheme benefits and pay the specified amount are entitled to waiver of redemption fines, extending the Scheme's finality to seizure/confiscation matters.
HC allowed the petition and held that redemption fines imposed under the Central Excise regime are consequential to non-payment of duty and not a distinct category of penalty outside the ambit of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDR Scheme). The Court concluded that payment under Section 124 of the SVLDR Scheme, and issuance of the discharge certificate, extinguishes the duty, interest and penalties, and therefore operates to waive redemption fines arising from seizure/confiscation. The Court directed that taxpayers who avail scheme benefits and pay the specified amount are entitled to waiver of redemption fines, extending the Scheme's finality to seizure/confiscation matters.
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TaxTMI 
TaxTMI 
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