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...
Penalties under section 112 for alleged import of restricted rough marble without adequate Special Import Licences were held unsustainable because the case rested on presumptions drawn from mismatches between Bills of Entry and licences, while key records such as adjudication orders and details of fine/penalty payments were unavailable. In the absence of contrary evidence, the lawful clearance of goods pursuant to customs adjudication and "out of charge" was presumed, and no adverse inference could be drawn merely from missing documents. Consequently, penalties on the importer and connected persons were set aside and all appeals were allowed. - CESTAT
Penalties under section 112 for alleged import of restricted rough marble without adequate Special Import Licences were held unsustainable because the case rested on presumptions drawn from mismatches between Bills of Entry and licences, while key records such as adjudication orders and details of fine/penalty payments were unavailable. In the absence of contrary evidence, the lawful clearance of goods pursuant to customs adjudication and "out of charge" was presumed, and no adverse inference could be drawn merely from missing documents. Consequently, penalties on the importer and connected persons were set aside and all appeals were allowed. - CESTAT
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TaxTMI 
TaxTMI 
of 4915 
