TaxTMI 
TaxTMI 
penalty under section 78
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....enalty under section 78<br> Query (Issue) Started By: - jagannath prasad Dated:- 19-5-2017 Last Reply Date:- 19-5-2017 Other Topics<br>Got 1 Reply<br>Indian Laws<br>When scn under section 73 is for ta....
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....x not-paid or short-paid, why do the adjudicating authorities not adjust the tax amount already paid while imposing penalty under section 78. E.g. In one case the assessee had deposited 18 lakhs under....
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.... VCES. The department found that the total liability was 40 lakhs during the alleged period. In this case scn was issued for 40 lakhs and sought appropriation of 18 lakhs. The adj. authority confirmed....
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.... 40 lakhs, appropriated 18 lakhs and imposed penalty of ₹ 40 lakh under section 78 when the fact is that only 22 lakhs was short declared.How far is adj authority correct in imposing 40 lakhs pe....
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....nalty. Reply By KASTURI SETHI: The Reply: Sir, You are absolutely right. It is gross injustice against the party. What I think it is due to false declaration under VCES which is a very serious offe....
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....nce. Any defaulter was supposed to file true declaration under VCES. However, as per Section 111(3), procedure of Section 73 and 73 A is to followed. Regarding excess penalty only appeal is the remedy....
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..... Hope the assessee can get justice from the Appellate Authority.<br> Discussion Forum - Knowledge Sharing ....