Notification No. 12/97-Customs(N.T.) amendment adds Malur Inland Container Depot in Karnataka to authorized locations for import unloading and export ...
Authority rules B+G+31 service apartment is commercial building construction, not multi-storey residential for tax classification under RERA definitio...
ITAT held that the term "may" in Section 43 of the BM Act is directory and not to be construed as "shall," therefore imposition of penalty for non-disclosure of foreign assets in Schedule FA is not automatic; the Assessing Officer retains discretion to impose or waive penalty based on the facts and circumstances of each case. The Tribunal found the appellants failed to demonstrate a bona fide omission and noted material inaccuracies and non-reporting, but clarified that a prior decision did not bind the Division Bench on whether penalty is mandatory nor considered Section 46's requirement of hearing. The matters are remitted to the Division Bench to determine the penalty merits in accordance with law.
ITAT held that the term "may" in Section 43 of the BM Act is directory and not to be construed as "shall," therefore imposition of penalty for non-disclosure of foreign assets in Schedule FA is not automatic; the Assessing Officer retains discretion to impose or waive penalty based on the facts and circumstances of each case. The Tribunal found the appellants failed to demonstrate a bona fide omission and noted material inaccuracies and non-reporting, but clarified that a prior decision did not bind the Division Bench on whether penalty is mandatory nor considered Section 46's requirement of hearing. The matters are remitted to the Division Bench to determine the penalty merits in accordance with law.
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