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...
CESTAT allowed the appeal and set aside the demand for duty on imported components, holding there was no evidence that the components were first assembled into CTVs, tested and thereafter disassembled for clearance. The Tribunal concluded the parts did not possess the essential character of complete CTVs and thus were not exigible as finished goods; the impugned duty demand for alleged short-levy on clearance of kits was quashed. Consequentially, all penalties and interest imposed under the Central Excise enactments and rules were also set aside. Appeal accordingly allowed and impugned orders of demand, interest and penalties annulled in favour of the Appellant.
CESTAT allowed the appeal and set aside the demand for duty on imported components, holding there was no evidence that the components were first assembled into CTVs, tested and thereafter disassembled for clearance. The Tribunal concluded the parts did not possess the essential character of complete CTVs and thus were not exigible as finished goods; the impugned duty demand for alleged short-levy on clearance of kits was quashed. Consequentially, all penalties and interest imposed under the Central Excise enactments and rules were also set aside. Appeal accordingly allowed and impugned orders of demand, interest and penalties annulled in favour of the Appellant.
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TaxTMI 
TaxTMI 
of 4915 
