Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Invocation of s.28(4) of the Customs Act, 1962 and the consequent mandatory penalty under s.114A, despite post-clearance payment of duty with interest, was held unsustainable because the extended provision requires specific proof of collusion, wilful misstatement, or suppression. Mere payment a few days after "out of charge," particularly when system changes were pending for capturing the new duty in ICES and no advantage accrued to the importer due to interest liability, did not establish the requisite intent or conduct. Accordingly, confiscation and penalties were set aside and the appeals were allowed. - CESTAT
Invocation of s.28(4) of the Customs Act, 1962 and the consequent mandatory penalty under s.114A, despite post-clearance payment of duty with interest, was held unsustainable because the extended provision requires specific proof of collusion, wilful misstatement, or suppression. Mere payment a few days after "out of charge," particularly when system changes were pending for capturing the new duty in ICES and no advantage accrued to the importer due to interest liability, did not establish the requisite intent or conduct. Accordingly, confiscation and penalties were set aside and the appeals were allowed. - CESTAT
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