Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Dominant issue: Whether penalties under sections 271D and 271E were leviable for cash loans. The Tribunal found on the substantive facts that the assessee's taxable income was below the limit and substantial receipts were agricultural income accepted by the AO, and lenders were agriculturists supported by affidavits and land-revenue records; thus the second proviso applied and no penalty could be sustained. Separately, the Tribunal held that bona fide cash dealings in the first year of a construction business, with genuine source and no tax-evasion motive, constitute reasonable cause under section 273B and warranted deletion of the penalties - ITAT
Dominant issue: Whether penalties under sections 271D and 271E were leviable for cash loans. The Tribunal found on the substantive facts that the assessee's taxable income was below the limit and substantial receipts were agricultural income accepted by the AO, and lenders were agriculturists supported by affidavits and land-revenue records; thus the second proviso applied and no penalty could be sustained. Separately, the Tribunal held that bona fide cash dealings in the first year of a construction business, with genuine source and no tax-evasion motive, constitute reasonable cause under section 273B and warranted deletion of the penalties - ITAT
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