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...
The HC dismissed the appeal, upholding the Tribunal's factual finding that the respondent-assessee, an EOU, had lawfully procured duty-free inputs under CT-3, consumed them in manufacturing, and, upon inability to export finished LPG due to regulatory clearance constraints, sold into the DTA after voluntarily discharging the duty and interest and notifying the Department. The Court held that no show-cause notice was required where there was no suppression of material facts and duty with interest had been paid prior to any notice; consequently the extended limitation provisions under s.28(2B) Customs Act and s.11A(2B) CEA could not be invoked and penalties under s.114 Customs / s.11AC CEA were unsustainable.
The HC dismissed the appeal, upholding the Tribunal's factual finding that the respondent-assessee, an EOU, had lawfully procured duty-free inputs under CT-3, consumed them in manufacturing, and, upon inability to export finished LPG due to regulatory clearance constraints, sold into the DTA after voluntarily discharging the duty and interest and notifying the Department. The Court held that no show-cause notice was required where there was no suppression of material facts and duty with interest had been paid prior to any notice; consequently the extended limitation provisions under s.28(2B) Customs Act and s.11A(2B) CEA could not be invoked and penalties under s.114 Customs / s.11AC CEA were unsustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
