International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
The article addresses eligibility for immunity under the statutory immunity provision and its effect on penalty proceedings under the penalty provision. It explains that where an assessee timely files the prescribed immunity application, pays tax and interest, and does not challenge the assessment, the assessing officer must record reasons and pass a speaking order if denying immunity; absence of any reasoned rejection of the application renders a subsequent penalty for misreporting unsustainable. Consequently, a penalty levied without a valid rejection of the immunity application is quashed.
The article addresses eligibility for immunity under the statutory immunity provision and its effect on penalty proceedings under the penalty provision. It explains that where an assessee timely files the prescribed immunity application, pays tax and interest, and does not challenge the assessment, the assessing officer must record reasons and pass a speaking order if denying immunity; absence of any reasoned rejection of the application renders a subsequent penalty for misreporting unsustainable. Consequently, a penalty levied without a valid rejection of the immunity application is quashed.
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