Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Penalty under section 271B was deleted because the assessee's accounts were audited within the prescribed time and only the uploading of the audit report was delayed due to technical glitches in the e-filing portal. The Tribunal treated this as substantial compliance with the audit requirement, held the lapse to be procedural rather than substantive, and found that the report was available before scrutiny assessment was completed without any prejudice to the Revenue. On that basis, the default was regarded as technical and venial, attracting protection under section 273B and not warranting penalty.
Penalty under section 271B was deleted because the assessee's accounts were audited within the prescribed time and only the uploading of the audit report was delayed due to technical glitches in the e-filing portal. The Tribunal treated this as substantial compliance with the audit requirement, held the lapse to be procedural rather than substantive, and found that the report was available before scrutiny assessment was completed without any prejudice to the Revenue. On that basis, the default was regarded as technical and venial, attracting protection under section 273B and not warranting penalty.
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