Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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The dispute concerns imposition of penalties under provisions corresponding to Sections 114A and 114AA for alleged short levy/non levy of anti dumping duty and alleged willful misstatement or suppression. The authority found the importer had not paid anti dumping duty but, upon summons, voluntarily deposited the duty with interest. The tribunal applied the principle that penal liability requires proof of intentional suppression or misstatement and distinguished mere mis declaration or self assessment errors from deliberate intent; absent those elements, penalties cannot be sustained. Consequently, penalties under the cited provisions were not upheld and were set aside for lack of requisite intent.
The dispute concerns imposition of penalties under provisions corresponding to Sections 114A and 114AA for alleged short levy/non levy of anti dumping duty and alleged willful misstatement or suppression. The authority found the importer had not paid anti dumping duty but, upon summons, voluntarily deposited the duty with interest. The tribunal applied the principle that penal liability requires proof of intentional suppression or misstatement and distinguished mere mis declaration or self assessment errors from deliberate intent; absent those elements, penalties cannot be sustained. Consequently, penalties under the cited provisions were not upheld and were set aside for lack of requisite intent.
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