Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Misdeclaration of imported goods in quantity, description and valuation justified rejection of the declared transaction value, as the importer's unretracted Section 108 statement admitted the errors and accepted reassessment. The Tribunal held that admitted facts required no further proof and that, where identical goods data was unavailable, value could be redetermined under Rule 5 using contemporary import data of similar goods. In a self-assessment regime, the importer remained responsible for correct declaration and could not avoid liability by blaming the supplier. On that basis, confiscation under Sections 111(l) and 111(m), redemption fine and penalty under Section 114A were upheld, and the appeal was dismissed.
Misdeclaration of imported goods in quantity, description and valuation justified rejection of the declared transaction value, as the importer's unretracted Section 108 statement admitted the errors and accepted reassessment. The Tribunal held that admitted facts required no further proof and that, where identical goods data was unavailable, value could be redetermined under Rule 5 using contemporary import data of similar goods. In a self-assessment regime, the importer remained responsible for correct declaration and could not avoid liability by blaming the supplier. On that basis, confiscation under Sections 111(l) and 111(m), redemption fine and penalty under Section 114A were upheld, and the appeal was dismissed.
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