Export obligation removed by notification, customs duty demand invalidated; penalties under s.112 and s.114AA quashed due to inadmissible s.108 statem...
Customs officers must wear and use department-issued body-worn cameras when clearing passenger baggage, with daily secure transfer and 30-day retentio...
Page of 4827
Press 'Enter' after typing page number.
10021 to 10040 of 96536 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
