Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
CESTAT allowed the appeal and set aside the penalty imposed under Section 112 of the Customs Act, 1962. The seized leather jackets and readymade garments, though recovered from bags in a parcel van leased to the appellant, are not notified goods under Section 123. Consequently, the burden lay on the Department to prove that the goods were smuggled and cleared without payment of customs duty. As no corroborative evidence was produced to establish smuggled nature or the appellant's involvement beyond mere transportation, the penal liability was held unsustainable.
CESTAT allowed the appeal and set aside the penalty imposed under Section 112 of the Customs Act, 1962. The seized leather jackets and readymade garments, though recovered from bags in a parcel van leased to the appellant, are not notified goods under Section 123. Consequently, the burden lay on the Department to prove that the goods were smuggled and cleared without payment of customs duty. As no corroborative evidence was produced to establish smuggled nature or the appellant's involvement beyond mere transportation, the penal liability was held unsustainable.
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