Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
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Imposition of penalty under section 114A requires collusion or wilful mis-statement or suppression of facts; the tribunal found none where the appellant self-assessed Bills of Entry under a bona fide belief of entitlement to an exemption notification. The reasoning held that an incorrect self-assessment alone does not establish suppression or wilful mis-statement and that reassessment is the statutory remedy for such errors. Consequently, the penalty under section 114A was set aside and the appellant granted consequential relief.
Imposition of penalty under section 114A requires collusion or wilful mis-statement or suppression of facts; the tribunal found none where the appellant self-assessed Bills of Entry under a bona fide belief of entitlement to an exemption notification. The reasoning held that an incorrect self-assessment alone does not establish suppression or wilful mis-statement and that reassessment is the statutory remedy for such errors. Consequently, the penalty under section 114A was set aside and the appellant granted consequential relief.
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