Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
HC examined levy of penalty under s.74 CGST Act where tax with interest was paid prior to issuance of SCN. HC noted the distinction between s.74(5) and s.74(8), holding that on payment of tax, interest and 15% penalty after notice under s.74(1) read with s.74(3), further proceedings stand terminated. In this case, the petitioner had already discharged tax and interest pursuant to summons, and the subsequent demand-cum-SCN under s.74(1) yielded a maximum penalty of Rs. 19,000/-. HC held that relegating the petitioner to appeal would be unjustified. HC directed that on deposit of 15% of the penalty within four weeks, the impugned order shall stand quashed qua the petitioner alone, with no benefit extended to other noticees. Petition disposed.
HC examined levy of penalty under s.74 CGST Act where tax with interest was paid prior to issuance of SCN. HC noted the distinction between s.74(5) and s.74(8), holding that on payment of tax, interest and 15% penalty after notice under s.74(1) read with s.74(3), further proceedings stand terminated. In this case, the petitioner had already discharged tax and interest pursuant to summons, and the subsequent demand-cum-SCN under s.74(1) yielded a maximum penalty of Rs. 19,000/-. HC held that relegating the petitioner to appeal would be unjustified. HC directed that on deposit of 15% of the penalty within four weeks, the impugned order shall stand quashed qua the petitioner alone, with no benefit extended to other noticees. Petition disposed.
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