Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
The Tribunal reduced an estimated business profit rate from the rates adopted by the tax authorities to 4% of turnover, noting the absence of reliable comparable cases and the assessee's lower historical profits in the wholesale medicine trade. It also cancelled penalty for delayed filing of the audit report under section 271B, accepting reasonable cause where the assessee relied on a tax consultant and lived in a remote area. Further, it deleted the remaining penalty for non-compliance with notices under section 271(1)(b), holding that the same reasonable cause applied and that some defaults had already been effectively waived.
The Tribunal reduced an estimated business profit rate from the rates adopted by the tax authorities to 4% of turnover, noting the absence of reliable comparable cases and the assessee's lower historical profits in the wholesale medicine trade. It also cancelled penalty for delayed filing of the audit report under section 271B, accepting reasonable cause where the assessee relied on a tax consultant and lived in a remote area. Further, it deleted the remaining penalty for non-compliance with notices under section 271(1)(b), holding that the same reasonable cause applied and that some defaults had already been effectively waived.
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