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...
Penalty under Section 112(a)(ii) of the Customs Act was held unsustainable against a courier agent where the record did not establish knowledge of the importer's mis-declaration. The Tribunal noted that earlier proceedings, including a separate notice for revocation of the courier licence, had been dropped on the same factual basis that the appellant was not shown to be involved in or aware of the mis-declaration. In the absence of that requisite culpability, penal liability could not attach, and the penalty was set aside with consequential relief.
Penalty under Section 112(a)(ii) of the Customs Act was held unsustainable against a courier agent where the record did not establish knowledge of the importer's mis-declaration. The Tribunal noted that earlier proceedings, including a separate notice for revocation of the courier licence, had been dropped on the same factual basis that the appellant was not shown to be involved in or aware of the mis-declaration. In the absence of that requisite culpability, penal liability could not attach, and the penalty was set aside with consequential relief.
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