Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Penalty under section 271(1)(c) was not sustainable where the assessee had disclosed the capital gains, deposited the sale proceeds in the Capital Gains Account Scheme within time, and retained the unutilised amount in that account. The Tribunal held that failure to use the full amount within the stipulated period, caused by disputes with the builder, did not by itself establish concealment or furnishing of inaccurate particulars. The assessee had also suo motu informed the AO before reassessment that the exemption period had expired and accepted the taxability of the balance. In the absence of deliberate suppression, the penalty was deleted.
Penalty under section 271(1)(c) was not sustainable where the assessee had disclosed the capital gains, deposited the sale proceeds in the Capital Gains Account Scheme within time, and retained the unutilised amount in that account. The Tribunal held that failure to use the full amount within the stipulated period, caused by disputes with the builder, did not by itself establish concealment or furnishing of inaccurate particulars. The assessee had also suo motu informed the AO before reassessment that the exemption period had expired and accepted the taxability of the balance. In the absence of deliberate suppression, the penalty was deleted.
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