No penalty is envisaged under Section 271C of the Income Tax Act for non-deduction and for belated remittance /payment/deposit of the TDS.
Tribunal Decision determining ALP can be challenged on grounds of perversity & non observance of transfer pricing rules in individual cases
Enhancement of value of imported goods based on NIDB data and circular issued by DGOV without rejecting declared value under Rule 12 of Customs Valuation Rules, 2007 is not proper.
When ITC has been wrongly availed and utilized with a revenue impact, that interest liability is attracted. Making it clear that it is only in situations where there is a revenue impact that interest will become chargeable.
A manufacturer of finished goods is allowed the benefit of availment of CENVAT Credit on any inputs used in the manufacture of intermediate goods, processed by way of job work, availing the benefit of exemption as contained in MF, DR Notification No. 214/86-CE dated 25.03.1986, and received by them for use in or in relation to, the manufacture of final product.
No service tax can be levied on the amount collected towards liquidated damages or penalty for breach of any of the terms of the contract.
In the present case, the very addition in the declared income has been deleted by the Tribunal therefore, there is no foundation to compute the penalty upon the assessee. In view of the deletion of the additions in the quantum appeal, no penalty is imposable upon the assessee.
In this case Tribunal had remanded the matter to the Original Authority as it was passed in the violation of principles of natural justice and therefore being not sustainable.
Draft Regulations 1. (1) These regulations may be called the Food Safety and Standards (Prohibition and Restrictions on Sales) Amendment Regulations, 2023. (2) They shall come into force on the date of their publication in official Gazette.
Penalty order did not specify the charge & penalty was imposed purely on the basis of estimation of income so not valid
