Home Highlights February 2013 Year 2013 This

You may also like:

1. The case involved a dispute over the valuation of power units supplied by one party to another, leading to a demand for differential duty, interest, and penalty. The...

2. This case pertains to the precedence and priority of consideration between an application filed u/s 54(C) and Section 7 of the Insolvency and Bankruptcy Code (IBC)...

3. Formation of belief by the Assessing Officer that income has escaped assessment is the crux of the reopening provision. The reasons recorded must be based on tangible...

4. Amount paid on direction of Department - they have not paid any interest on the amount paid - Therefore, all conditions of Section 11A(2B) have not been fulfilled and...

5. Levy of penalty - availing 100% credit instead of 50% and remaining 50% to be availed in the next Financial year in respect of capital goods - In this fact the case...

6. Power to issue SCN - Recovery of erroneous refund with interest - It is more than apparent that section 11A of the Excise Act cannot be resorted to by the Department for...

7. Refund claim of the amount reversed under protest - if there is a short payment of duty, the only option for the Revenue is to follow the procedure prescribed under...

8. Levy of interest on differential duty due to Revision in price – supplementary invoice -. The payment of differential duty thus clearly came under sub-section (2B) of...

9. Penalty under Section 11AC - once the section is applicable in a case the concerned authority would have no discretion in quantifying the amount and penalty must be...

10. Validity of reopening of assessment u/s 147 - if the assessing officer has cause or justification to know or suppose that income has escaped assessment, it can be said...

11. Reopening of assessment u/s 147 - reason to suspect v/s reason to believe - The reasons disclosed and placed on record do not allude to the material that was available...

12. Recovery of interest and imposition of penalty - Valuation - The duty was confirmed u/s 11A of the Act. As per Section 11AB when the duty is determined u/s 11A interest...

13. Levy of penalty - the appellant is squarely covered by Section 11A(2B) - after payment of duty along with interest by the appellant, the department should have concluded...

14. Reopening of assessment u/s 147 - reasons to believe - no income under the head income from House Property has been offered by the assessee during the year under...

15. Reason to believe for income escaping assessment under section 147 - The reasons were such which would impel an ordinary person of reasonable prudence to hold that the...