Fraudulently obtained SEIS scrips cannot support customs exemption; recovery, confiscation and penalties were sustained, but employee penalty fell awa...
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Where an addition in assessment arose solely from an estimation of non-genuine purchases and the taxable profit element was computed on that estimate, the statutory threshold for levying a penalty for concealment or furnishing inaccurate particulars was not met. Precedents establish that estimate-based disallowances, made without concrete evidence of deliberate concealment, do not attract penalty liability. Applying that principle, the tribunal directed deletion of the penalty levied in respect of the assessment year because the impugned addition was founded on estimate and therefore did not justify a penalty.
Where an addition in assessment arose solely from an estimation of non-genuine purchases and the taxable profit element was computed on that estimate, the statutory threshold for levying a penalty for concealment or furnishing inaccurate particulars was not met. Precedents establish that estimate-based disallowances, made without concrete evidence of deliberate concealment, do not attract penalty liability. Applying that principle, the tribunal directed deletion of the penalty levied in respect of the assessment year because the impugned addition was founded on estimate and therefore did not justify a penalty.
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