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...
Central excise valuation rules applied to coal sales: the Tribunal held royalty is includible in transaction value for the normal limitation period though not for the extended period; consequential duty demand on royalty confirmed for the normal period but set aside for extended limitation because there was no intent to evade. Amounts collected as stowing excise duty, forest transit fee, state rural infrastructure and road tax, entry tax, terminal tax, development and environment cess, and duty on captive consumption are characterised as taxes or exempted levies and excluded from assessable value; related penalties and interest were also quashed.
Central excise valuation rules applied to coal sales: the Tribunal held royalty is includible in transaction value for the normal limitation period though not for the extended period; consequential duty demand on royalty confirmed for the normal period but set aside for extended limitation because there was no intent to evade. Amounts collected as stowing excise duty, forest transit fee, state rural infrastructure and road tax, entry tax, terminal tax, development and environment cess, and duty on captive consumption are characterised as taxes or exempted levies and excluded from assessable value; related penalties and interest were also quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
