Vehicle expense apportionment and agricultural income substantiation: ITAT allowed partial business deduction and deleted the reclassification additio...
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The article addresses misdeclaration and classification of imported batteries, finding the product description accurate and classification as CTH 85076000/85078000 correct. It reasons that invocation of the extended limitation period requires misdeclaration of description; absent dishonest misdescription or intent to evade duty, extended limitation is inapplicable and penalties imposed under customs penalty provisions cannot be sustained. The piece emphasises that a later departmental reclassification of an import declaration does not itself attract penal consequences where full and correct particulars were furnished.
The article addresses misdeclaration and classification of imported batteries, finding the product description accurate and classification as CTH 85076000/85078000 correct. It reasons that invocation of the extended limitation period requires misdeclaration of description; absent dishonest misdescription or intent to evade duty, extended limitation is inapplicable and penalties imposed under customs penalty provisions cannot be sustained. The piece emphasises that a later departmental reclassification of an import declaration does not itself attract penal consequences where full and correct particulars were furnished.
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