Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Mere issuance of professional certificates without collusion does not satisfy the knowledge or abetment elements required for penalty under the Customs provision cited; therefore confiscation/liability claims fail on lack of evidence and statutory mens rea, and the appellant's penalties were set aside. The tribunal nevertheless found negligent professional conduct for inadequate due diligence in issuing certificates and admonished caution in future. The decision followed precedent mitigating penalties where absence of collusion or knowing dealing with offending goods is established.
Mere issuance of professional certificates without collusion does not satisfy the knowledge or abetment elements required for penalty under the Customs provision cited; therefore confiscation/liability claims fail on lack of evidence and statutory mens rea, and the appellant's penalties were set aside. The tribunal nevertheless found negligent professional conduct for inadequate due diligence in issuing certificates and admonished caution in future. The decision followed precedent mitigating penalties where absence of collusion or knowing dealing with offending goods is established.
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