Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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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