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 impugned order, holding that the Appellant's import of ENABLE 2005-CE under Notification No. 52/2003-Cus was valid. The Tribunal found the item was recognized as an input in the MEPZ LUT renewal of 26 Feb 2013 and thus fell within the SION coverage for the exported product; any non-conformity was procedural. No post-importation conditions of the notification were alleged to be breached. Consequently, confiscation under s.111(o) and penalty under s.112(a)(ii) could not be sustained. Allegations of mis-declaration were unsupported and s.111(m) was not invoked; appeal allowed, order set aside.
CESTAT allowed the appeal and set aside the impugned order, holding that the Appellant's import of ENABLE 2005-CE under Notification No. 52/2003-Cus was valid. The Tribunal found the item was recognized as an input in the MEPZ LUT renewal of 26 Feb 2013 and thus fell within the SION coverage for the exported product; any non-conformity was procedural. No post-importation conditions of the notification were alleged to be breached. Consequently, confiscation under s.111(o) and penalty under s.112(a)(ii) could not be sustained. Allegations of mis-declaration were unsupported and s.111(m) was not invoked; appeal allowed, order set aside.
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TaxTMI 
TaxTMI 
of 4915 
