Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Tribunal addressed levy of penalty under section 271AAB(1A) focusing on whether the addition constituted undisclosed income under Explanation clause (c). The Tribunal reasoned that clause (c) requires money, valuables, or entries or transactions found during a search indicating incriminating material; absent such material the statutory condition for penalty is unmet, so the penalty cannot be sustained. The AO had taxed the amount under income reconstruction principles but, since no incriminating material was found during search proceedings, the penalty under section 271AAB(1A) was deleted and relief granted to the assessee.
Tribunal addressed levy of penalty under section 271AAB(1A) focusing on whether the addition constituted undisclosed income under Explanation clause (c). The Tribunal reasoned that clause (c) requires money, valuables, or entries or transactions found during a search indicating incriminating material; absent such material the statutory condition for penalty is unmet, so the penalty cannot be sustained. The AO had taxed the amount under income reconstruction principles but, since no incriminating material was found during search proceedings, the penalty under section 271AAB(1A) was deleted and relief granted to the assessee.
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