Valuation - Levy of interest and penalty - since the Revenue ...

December 10, 2022

Case Laws Central Excise SC

Valuation - Levy of interest and penalty - since the Revenue itself appeared to be unclear on the correct method of valuation of the goods, it is not appropriate to saddle the Respondent with additional liability, namely, other than the excise duty. - The demand made by the Appellant is confirmed, we do not approve the levy of interest and penalties upon the Respondent, and direct that these amounts be reduced from the total recoverable amount from the Assessee. - SC

View Source

← Previous Next →

Valuation - Levy of interest and penalty - since the Revenue ...

December 10, 2022

Case Laws Central Excise SC

You may also like:

Levy of penalty - Bonafide opinion of the assessee - On strict interpretation of Section 45 and Section 47 of the Act, 1969, the only conclusion would be that the...

Addition u/s 56(2)(viib) - Method of valuation of shares - closely held company issues its shares at a premium - The tribunal sided with the assessee, affirming the FMV...

Method of valuation - Rule 11 is adopted when the situation is not covered by any of the other methods of valuation prescribed from Rule 4 to 10A. The method of...

Constitutionality and legality of Income Computation and Disclosure Standards (ICDS) II and Notification 87/2016, which mandate the use of the First In First Out (FIFO)...

Additions u/s 56(2)(viib) - it is not denied that the assessee adopted clause (b) of Rule 11UA(2) of the Rules and accordingly obtained a Valuation Report from a...

Levy of penalty u/s. 221 - default the payment of TDS to the government - assessee in default - the Assessing Officer levied penalty at very exorbitant rate that 5% pm...

Penalty u/s.271(1)(b) - no compliance to notice u/s 142(1) - The AO levied the penalty for non-compliance of notice dated 13.06.2016, however, there is no reference of...

Valuation of shares at a premium u/s 56(2)(viib) - Keeping in view that DCF is correct method of determining the FMV of the unquoted shares, the assessee has option to...

Seeking provisional release of container - Let the things be as they are we are not in position to find any reason for the enormous delay in handling of the goods which...

Addition u/s.56(2)(vii)(b) - share premium - difference between the issue price and the actual share price determined by the AO - AO has changed the method of valuation...

Penalty levied under 271(1)(c) - The revenue has tried to make out a case that since the addition was made pursuant to information from sales tax department, this...

Difference in stock valuation - valuation of the closing stock - LIFO or FIFO method - It is an admitted case that the assessee has been continuously adopting the LIFO...

Valuation of imported goods - The applicant's proposed valuation method, Transfer Pricing System and Steering Concept (TPuS) method also known as Resale Price...

Income from other sources - addition u/s 56(2)(viib) - Method of valuation of shares issued at premium - FMV - The primary onus to prove the correctness of the valuation...

Addition u/s 56(2)(viib) - taxing the share premium received - DCF Method of Valuation - The primary onus to prove the correctness of the valuation Report is on the...

Quick Updates: