Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
The principal issue was whether penalty orders under section 271E (and 271D) were time-barred under section 275(1)(c). The Tribunal held that section 275(1)(c) requires either expiry of the relevant financial year after assessment or lapse of six months from the end of the month in which the Assessing Officer referred the matter for imposition of penalty; the six-month period is computed from the AO's reference, and the approval or issuance of a show-cause notice by a higher authority is irrelevant. Applying that interpretation, the penalty orders for the assessment years in question were held time-barred and the appeals were allowed. - ITAT
The principal issue was whether penalty orders under section 271E (and 271D) were time-barred under section 275(1)(c). The Tribunal held that section 275(1)(c) requires either expiry of the relevant financial year after assessment or lapse of six months from the end of the month in which the Assessing Officer referred the matter for imposition of penalty; the six-month period is computed from the AO's reference, and the approval or issuance of a show-cause notice by a higher authority is irrelevant. Applying that interpretation, the penalty orders for the assessment years in question were held time-barred and the appeals were allowed. - ITAT
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