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) was sustained because the assessee's non-disclosure of capital gains was found to be neither bona fide nor based on a plausible exemption claim. The Court held that the relevant test is whether the omission to disclose taxable income was a genuine mistake or was intended to avoid tax. On the facts, the shares were in an unlisted company, the claimed exemption was not established, the return omitted taxable income while seeking a refund, and the income surfaced only on scrutiny. The conduct was therefore treated as furnishing inaccurate particulars with intent to evade tax, and the appeal was dismissed.
Penalty under Section 271(1)(c) was sustained because the assessee's non-disclosure of capital gains was found to be neither bona fide nor based on a plausible exemption claim. The Court held that the relevant test is whether the omission to disclose taxable income was a genuine mistake or was intended to avoid tax. On the facts, the shares were in an unlisted company, the claimed exemption was not established, the return omitted taxable income while seeking a refund, and the income surfaced only on scrutiny. The conduct was therefore treated as furnishing inaccurate particulars with intent to evade tax, and the appeal was dismissed.
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