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...
HC considered a challenge to the Settlement Commission's order on misdeclaration of imported broadcasting equipment as "demo" goods routed through a Free Trade & Warehousing Zone. HC held the misdeclaration intentional and upheld the Commission's jurisdiction and finding of liability, including the substantial customs duty of about Rs. 9.73 crore already paid. However, HC found that the benefit of misdeclaration was for the importing company, not its directors individually. Accordingly, HC quashed the personal penalties on the directors and reduced the company's penalty to Rs. 50 lakh, adjusting Rs. 25 lakh already paid, directing deposit of the balance within three months, and quashing all remaining penalties.
HC considered a challenge to the Settlement Commission's order on misdeclaration of imported broadcasting equipment as "demo" goods routed through a Free Trade & Warehousing Zone. HC held the misdeclaration intentional and upheld the Commission's jurisdiction and finding of liability, including the substantial customs duty of about Rs. 9.73 crore already paid. However, HC found that the benefit of misdeclaration was for the importing company, not its directors individually. Accordingly, HC quashed the personal penalties on the directors and reduced the company's penalty to Rs. 50 lakh, adjusting Rs. 25 lakh already paid, directing deposit of the balance within three months, and quashing all remaining penalties.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
