Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
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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