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Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Penalty for failure to obtain an audit report was deleted because the assessee had consistently treated sale of shops as giving rise to capital gains, and the characterisation of the activity as business or investment was a debatable issue. The Tribunal found that the transactions were identical to those in the preceding year, when penalty had already been cancelled, and there was no distinguishing feature to justify a different view. On these facts, the assessee's bona fide belief that audit was not required constituted reasonable cause under section 273B, so penalty under section 271B could not be sustained.
Penalty for failure to obtain an audit report was deleted because the assessee had consistently treated sale of shops as giving rise to capital gains, and the characterisation of the activity as business or investment was a debatable issue. The Tribunal found that the transactions were identical to those in the preceding year, when penalty had already been cancelled, and there was no distinguishing feature to justify a different view. On these facts, the assessee's bona fide belief that audit was not required constituted reasonable cause under section 273B, so penalty under section 271B could not be sustained.
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