Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
Penalty under section 271AAB was contested on the ground that the search team failed to examine or ascertain the source of cash and jewellery and did not inform searched persons of the disclosure obligation under section 132(4); the failure of authorised officers to question and elicit disclosures was held determinative of the penalty rate, leading to the conclusion that the lesser statutory penalty rate should apply. The assessing officer was directed to recompute the penalty at the lower rate and the assessee's appeal was allowed.
Penalty under section 271AAB was contested on the ground that the search team failed to examine or ascertain the source of cash and jewellery and did not inform searched persons of the disclosure obligation under section 132(4); the failure of authorised officers to question and elicit disclosures was held determinative of the penalty rate, leading to the conclusion that the lesser statutory penalty rate should apply. The assessing officer was directed to recompute the penalty at the lower rate and the assessee's appeal was allowed.
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