Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Penalty under the tax provision for furnishing inaccurate particulars was contested where the assessee claimed interest under capitalisation rather than revenue deduction. Tribunal relied on the Supreme Court principle that an incorrect claim does not automatically constitute furnishing inaccurate particulars, and observed the assessing officers disallowance on capitalisation had attained finality. Subsequent treatment by the assesseecapitalising interest in a later yearfurther supported absence of deliberate inaccuracy. Consequently the appellate authority concluded the penalty was unsustainable and allowed the assessees grounds, setting aside the confirmed levy of penalty.
Penalty under the tax provision for furnishing inaccurate particulars was contested where the assessee claimed interest under capitalisation rather than revenue deduction. Tribunal relied on the Supreme Court principle that an incorrect claim does not automatically constitute furnishing inaccurate particulars, and observed the assessing officers disallowance on capitalisation had attained finality. Subsequent treatment by the assesseecapitalising interest in a later yearfurther supported absence of deliberate inaccuracy. Consequently the appellate authority concluded the penalty was unsustainable and allowed the assessees grounds, setting aside the confirmed levy of penalty.
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