Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
Penalty under section 271(1)(c) turns on the assessee's intention: an inadvertent or unintentional omission does not attract penalty, but a conscious non-disclosure or false exemption claim constitutes concealment and furnishing of inaccurate particulars. On the facts, the assessee had paid advance tax on the capital gains yet claimed exemption in the return and sought a refund, which the Court treated as a deliberate attempt to avoid tax discovered on scrutiny. The explanation of a typographical error in the Chartered Accountant's computation was rejected, and the cited advance ruling was held inapplicable on its different facts. The Tribunal's restoration of penalty was upheld and the appeal dismissed.
Penalty under section 271(1)(c) turns on the assessee's intention: an inadvertent or unintentional omission does not attract penalty, but a conscious non-disclosure or false exemption claim constitutes concealment and furnishing of inaccurate particulars. On the facts, the assessee had paid advance tax on the capital gains yet claimed exemption in the return and sought a refund, which the Court treated as a deliberate attempt to avoid tax discovered on scrutiny. The explanation of a typographical error in the Chartered Accountant's computation was rejected, and the cited advance ruling was held inapplicable on its different facts. The Tribunal's restoration of penalty was upheld and the appeal dismissed.
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