Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Rule 26 of the Central Excise Rules, 2002 applies to a body corporate because the term "person" is not confined to natural persons; the Tribunal relied on the General Clauses Act and broader statutory context to reject the argument that a company cannot be penalised. Penalty was also sustainable because the goods were liable to confiscation, and actual confiscation was not required where the appellant knew or had reason to believe that undervaluation and duty short-payment had occurred. On the facts already concluded in the common adjudication order, the Tribunal upheld the penalty and dismissed the appeal.
Rule 26 of the Central Excise Rules, 2002 applies to a body corporate because the term "person" is not confined to natural persons; the Tribunal relied on the General Clauses Act and broader statutory context to reject the argument that a company cannot be penalised. Penalty was also sustainable because the goods were liable to confiscation, and actual confiscation was not required where the appellant knew or had reason to believe that undervaluation and duty short-payment had occurred. On the facts already concluded in the common adjudication order, the Tribunal upheld the penalty and dismissed the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
