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...
Imports made under the Advance Authorisation scheme were challenged for allegedly failing the pre-import condition and lacking a one-to-one correlation between imported inputs and exported finished goods; the tribunal found no documentary evidence by revenue to prove non-fulfilment and rejected that reasoning, resulting in dismissal of the demand. The tribunal further held that amended provisions enabling imposition of interest, redemption fines and penalties on IGST became effective only from 16.08.2024 and did not apply to the disputed period, rendering interest, redemption fine and penalty unsustainable; accordingly the impugned adjudication was set aside and the appeal allowed.
Imports made under the Advance Authorisation scheme were challenged for allegedly failing the pre-import condition and lacking a one-to-one correlation between imported inputs and exported finished goods; the tribunal found no documentary evidence by revenue to prove non-fulfilment and rejected that reasoning, resulting in dismissal of the demand. The tribunal further held that amended provisions enabling imposition of interest, redemption fines and penalties on IGST became effective only from 16.08.2024 and did not apply to the disputed period, rendering interest, redemption fine and penalty unsustainable; accordingly the impugned adjudication was set aside and the appeal allowed.
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TaxTMI 
TaxTMI 
of 4915 
