Home Highlights June 2014 Year 2014 This

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1. Court set aside auction sale on equitable grounds as entire amount due was deposited by respondents. Appellant deprived of using Rs.81,20,000 from 21.07.2019 till...

2. Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

3. Penalty u/s. 271B - Non furnishing of Tax Audit Report within the prescribed period u/s 44AB - Limitation to impose penalty u/s 275 - quantum of penalty to be imposed...

4. Penalty on daily wager - confiscation of the seized Gold - The appellant was apprehended by customs officers while carrying two pieces of gold bars without possessing...

5. Sections 42 and 43 of the Black Money Act, 2015 impose penalties for failure to disclose foreign income and assets in ITRs by resident and ordinarily resident...

6. Levy of penalties u/ss 122 and 129 of CGST/SGST Acts - expiry of e-way bill - mens rea in penalty imposition. Technically, violation of law by petitioner in transporting...

7. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

8. Levy of Penalty u/s 112 - Scope of the show cause notice - The CESTAT noted that, no show cause notice has been issued proposing the demand of differential duty or the...

9. It was open for the Settlement Commission to impose penalty on the directors in addition to imposing penalty on the company, if there was material justifying imposition...

10. The key points are regarding the penalty imposed u/s 271D read with Section 269SS, and the issue of whether the penalty orders were time-barred. The Assessing Officer...

11. Dishonor of Cheque - Requirement to deposit of the amount - the word used in Section 138 is "fine" and therefore, discretion is available to the Court under Section 148...

12. Disallowance of commission paid - excessive expense on commission - the average rate of commission paid by the assessee to others in respect of rice was 20, but rate of...

13. Imposition of penalty under Section 78 - Merely because penalty under Section 78 has been imposed for the earlier period, no penalty can be imposed for any subsequent...

14. The case pertains to the imposition of a fine and penalty for the rejection of the declared value and redetermination of the value u/r 12 of the Customs Valuation...

15. Section 12(1)(b) of the Prevention of Money Laundering Act, 2002 requires reporting entities to furnish information about transactions referred to in Section 12(1)(a) to...