Mis-declaration and Concealment: confiscation affirmed, transaction value re-determined and mandatory penalty sustained; redemption allowed on payment...
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Issue: Whether penalty under section 271B survives after deletion of the assessment addition. Reasoning: Applying the legal maxim "Sublato fundamento cadit opus," the Tribunal held that removal of the foundational assessment addition destroys the legal basis for consequential punitive measures; illegality striking at the root invalidates subsequent penalty proceedings. Outcome: Penalty under section 271B was annulled and the appeal allowed. - ITAT
Issue: Whether penalty under section 271B survives after deletion of the assessment addition. Reasoning: Applying the legal maxim "Sublato fundamento cadit opus," the Tribunal held that removal of the foundational assessment addition destroys the legal basis for consequential punitive measures; illegality striking at the root invalidates subsequent penalty proceedings. Outcome: Penalty under section 271B was annulled and the appeal allowed. - ITAT
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