Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Penalty under section 270A is examined in light of whether liability arises from under-reporting or misreporting. The tribunal emphasises that under-reporting requires a settled legal obligation to report income; where survey occurs before year end and the return is filed within prescribed time with accepted returned income, under-reporting is absent and penalty cannot be sustained. Misreporting conditions must be specifically fulfilled before invoking that limb; absence of specification and failure to meet misreporting criteria render the penalty unsustainable, with a binding Gujarat HC ratio relied upon.
Penalty under section 270A is examined in light of whether liability arises from under-reporting or misreporting. The tribunal emphasises that under-reporting requires a settled legal obligation to report income; where survey occurs before year end and the return is filed within prescribed time with accepted returned income, under-reporting is absent and penalty cannot be sustained. Misreporting conditions must be specifically fulfilled before invoking that limb; absence of specification and failure to meet misreporting criteria render the penalty unsustainable, with a binding Gujarat HC ratio relied upon.
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