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...
The text clarifies that the term importer encompasses the actual importer, owner, beneficial owner and any person holding himself out as importer, making an IEC holder liable despite not being the legal owner; consequence: such importer bears full import liabilities. Prohibited goods' value was assessed and penalties under the customs penalty regime may equate to the value of goods; consequence: section 112 exposure equals goods' value. False declarations in Bills of Entry attract penalties for knowingly false declarations, potentially up to multiples of goods' value; consequence: a penalty amounting to roughly 11% of value was regarded as just and maintained.
The text clarifies that the term importer encompasses the actual importer, owner, beneficial owner and any person holding himself out as importer, making an IEC holder liable despite not being the legal owner; consequence: such importer bears full import liabilities. Prohibited goods' value was assessed and penalties under the customs penalty regime may equate to the value of goods; consequence: section 112 exposure equals goods' value. False declarations in Bills of Entry attract penalties for knowingly false declarations, potentially up to multiples of goods' value; consequence: a penalty amounting to roughly 11% of value was regarded as just and maintained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
