Home Highlights December 2015 Year 2015 This

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1. Penalty for non deduction of tax at source - bona fide belief proved - penalty set aside - AT

2. Levy of penalty u/s 114AA of Customs Act - illegal export of red sanders out of India - misuse of Import Export Code (IEC) - the Revenue has failed to establish the mala...

3. Levy of penalty u/s 25(1) of the Central Excise Rules, 2002 - evasion of duty - The imposition of penalty on both the appellants is un-called for - since Appellant No.1,...

4. Imposition of Penalty u/s 271(1)(c) - The explanation given by the assessee for the depreciation claim, is neither bona-fide, nor substantiated - penalty confirmed - HC

5. Penalty u/s. 271(l)(c) - The words may direct that such person shall pay by way of penalty in section 271 leave a certain amount of discretion in imposition of penalty...

6. The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

7. Levy of penalty u/s 270A - Excess exemption claimed on Gratuity u/s 10(10)(i) and Leave Encashment receipts u/s 10(10AA)(ii) - The Appellate Tribunal recognized the...

8. Penalty u/s 271(1)(c) - The Revenue may or may not agree with this understanding of law of the assessee but the fact that there can be a bona fide view to that effect...

9. Penalty u/s 271B was levied on the assessee for failure to get accounts audited despite turnover exceeding prescribed limit u/s 44AB. The Assessing Officer relied solely...

10. CESTAT Mumbai held that confiscation of imported goods and imposition of penalty u/s 112(a) of Customs Act for forged Special Import Licenses lacked clear evidence...

11. Levy of penalty - Applicability of the substituted rule for imposition of penalty - The Supreme Court sided with the appellant, holding that the substituted rule from...

12. The appellants challenged the order contravening FEMA for unauthorized direct investment outside India in an overseas JV not engaged in bona fide business activity. They...

13. Difference between assessed income and returned income arose due to inadvertent error in taking opening written down value (WDV) at book value instead of WDV under...

14. Penalty u/s 271(1)(c) - loss on sale of machinery - The Assessee contested the penalty, arguing that the omission of adding the loss on the sale of machinery to the...

15. Non-declaration of Goods – Penalty on the master of the vessel on account of non-declaration - bona fide and inadvertent mistake should not be met with imposition of...