Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
Penalty under section 43 of the Black Money Act for non-disclosure of foreign assets is discretionary rather than automatic: the word 'shall' must not be construed to convert a penal/charging provision into a mandatory imposition where facts permit exercise of discretion. The tribunal held that an assessing officer must evaluate facts and circumstances before levying penalty for omission from Schedule FA, and remitted the matter to the AO to exercise that discretion afresh rather than treating the penalty as obligatory.
Penalty under section 43 of the Black Money Act for non-disclosure of foreign assets is discretionary rather than automatic: the word 'shall' must not be construed to convert a penal/charging provision into a mandatory imposition where facts permit exercise of discretion. The tribunal held that an assessing officer must evaluate facts and circumstances before levying penalty for omission from Schedule FA, and remitted the matter to the AO to exercise that discretion afresh rather than treating the penalty as obligatory.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
