https://www.taxtmi.com/caselaws?id=329873 Extended limitation and penalty under Section 78 of the Finance Act, 1994 were held unavailable where the assessee disclosed brokerage activity relating to carbon credit transactions, the department had audit and correspondence records showing awareness of the matter, and tax with interest was paid. The controversy was treated as interpretative rather than involving suppression of facts. On that basis, the earlier precedent that known facts and a bona fide interpretative dispute do not justify extended limitation or penalty was followed, and the Revenue's challenge failed while the assessee succeeded. en-us Thu, 26 May 2016 00:00:00 +0530 Mon, 11 Jul 2016 13:51:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329873 Extended limitation and penalty under Section 78 of the Finance Act, 1994 were held unavailable where the assessee disclosed brokerage activity relating to carbon credit transactions, the department had audit and correspondence records showing awareness of the matter, and tax with interest was paid. The controversy was treated as interpretative rather than involving suppression of facts. On that basis, the earlier precedent that known facts and a bona fide interpretative dispute do not justify extended limitation or penalty was followed, and the Revenue's challenge failed while the assessee succeeded. Case-Laws Service Tax Thu, 26 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329873