Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Where the proper officer verifies a certificate of origin under the preferential tariff scheme, provisional release of imported goods must preserve revenue protection. The High Court stressed judicial restraint in revenue matters and required strict compliance with the Act, Rules and Circular governing such verification. Because verification had been delayed, the Court directed completion within three weeks. If the declared country of origin is confirmed, release is to follow in accordance with law; if it is found incorrect or false, provisional release must be supported by a 100% bank guarantee as prescribed in the circular.
Where the proper officer verifies a certificate of origin under the preferential tariff scheme, provisional release of imported goods must preserve revenue protection. The High Court stressed judicial restraint in revenue matters and required strict compliance with the Act, Rules and Circular governing such verification. Because verification had been delayed, the Court directed completion within three weeks. If the declared country of origin is confirmed, release is to follow in accordance with law; if it is found incorrect or false, provisional release must be supported by a 100% bank guarantee as prescribed in the circular.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
