Home Highlights July 2014 Year 2014 This

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1. Reduction in penalty imposed - Validity of order passed by CESTAT - The maximum possible penalty was ₹ 15.30 crores but the adjudicating authority imposed a total...

2. Refund of amount deposited as pre-deposit - It stands clear that appellant is entitled for refund of ₹ 15 Lakhs as were paid in cash by him at the time of the...

3. Levy of penalty in case of professional or other misconduct - minimum penalty reduced from ₹ 10 lakh rupees to 5 lakh rupees - Section 132(4) of the Companies Act, 2013

4. Reduction of penalty - no reason whatsoever is given for reducing the penalty from ₹ 20 lakhs to ₹ 1 lakh except observing that it "appears to be excessive"....

5. Quantum of cost imposed by High Court on the GST officer - intent to evade tax or not - allegation that the e-way bill had expired a day earlier - traffic blockage due...

6. 100% penalty on cash transaction over ₹ 2 lakh (originally it was proposed as 3 lakh) from April 1, 2017 - Loksabha Passed the Finance Bill, 2017 today i.e. 22-3-2017

7. Exemption u/s 54EC - Since assessee had invested ₹ 71 lakhs in two different financial years and within six months from the date of transfer of the capital assets,...

8. Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

9. GST Revenue collection in the month of April 2018 exceeds ₹ 1 Lakh Crore

10. Cash transactions proposed to be capped at ₹ 2 lakh

11. Imposition of penalty u/r 15(2) of CCR, 2004 - CENVAT Credit - No evidence of fraud, collusion, wilful misstatement, suppression of facts which are essential conditions...

12. Validity of adjudication order - The original adjudicating authority i.e. Deputy Commissioner of Customs in terms of section 122 of Customs Act, 1962, has the pecuniary...

13. Customs Broker License - levy of penalty - the violation, in the background of this case does not attract such harsh punishment of revocation of license or forfeiture of...

14. Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs -...

15. Import of restricted goods - Canada Whole Green Peas - The only short-coming here is the quantitative restriction and hence, the redemption fine and penalty should be...