Reduction in quantum of penalty imposed under Rule 26(2) (i) & ...

High Court Overturns Tribunal's Penalty Reduction u/r 26(2); Finds Insufficient Justification for Credit Reversal.

March 6, 2021

Case Laws Central Excise HC

Reduction in quantum of penalty imposed under Rule 26(2) (i) & (ii) - the Tribunal would say that there is no revenue loss because M/s.Sujana Metal Products Limited have reversed the credit, that can hardly be a mitigating factor for reduction of penalty on the five entities because those entities were well aware that the transaction was a 'circular transaction' and credit was availed on invoices without movement of goods - the exercise of discretion by the Tribunal for reduction of penalty is perverse and unsustainable and accordingly, the same is set aside - the issues are answered in favour of the revenue. - HC

View Source

← Previous Next →

Reduction in quantum of penalty imposed under Rule 26(2) (i) & ...

High Court Overturns Tribunal's Penalty Reduction u/r 26(2); Finds Insufficient Justification for Credit Reversal.

March 6, 2021

Case Laws Central Excise HC

You may also like:

Imposition of penalty under Rule 26 (2) of CER - availment of irregular CENVAT Credit - invoices without actual receipt of inputs - Though the opting of SVLDRS should...

Levy of penalty - mis-declaration of goods - unflavoured boiled supari - reduction of the penalty under section 112 by the Commissioner (Appeals) - according to Revenue...

Levy of penalty on Proprietor of the Firm under Rule 26(2) of Central Excise Rules, 2002 - fraudulent availment of CENVAT Credit - Taking note of the fact that penalty...

Demonetization - Scope of the term "Any" - Validity of N/N. 3407(E) dated 8th November 2016, issued by the Central Government in exercise of the powers conferred by...

Smuggling - illegal importation of the seized gold - Confiscation of the gold and Indian currency - The Tribunal found no evidence linking the seized Indian currency to...

The ITAT examined multiple aspects of a tax penalty case involving undisclosed income. The tribunal found no justification for penalty u/s 271(1)(c) across various...

Levy of penalty - the penalty under Section 26 is inextricably linked to the confiscation of goods as long as there is no confiscation of the goods ordered that there...

Confiscation - importer - the definition of 'importer' under Section 2 (26) of the Customs Act, 1962 - AT

Levy of penalties under various sections - The Appellate Tribunal, in a consolidated order, addressed several appeals concerning penalties imposed under various sections...

The appellant was issued penalty u/r 26(2) of Central Excise Rules, 2002, alleging that second stage dealers based in Jaipur were issuing cenvatable invoices to the main...

The case involves the interpretation of u/s 55(2)(b)(i) and u/s 55(2)(aa)(B)(iiia) of the Income Tax Act regarding the cost of acquisition of bonus shares. The Tribunal...

The jurisdictional Assessing Officer (AO) had suo moto transferred the assessment to Income Tax Officer (ITO), Ward 2(2) Noida. The appellant contended that the...

Levy of Personal Penalty on the Director of the company and Drivers of the trucks (transporters) - Penalties u/r 26 of CER - Abetment - Clandestine removal - gutka - The...

Imposition of penalty - Issue of bogus invoices - Penalty under Rule 26, whether under sub-Rule (1) of Rule 26 or under sub-Rule (2) of Rule 26 can be imposed on a...

Imposition of Penalty u/r 26 of CER, 2002 - quantum of penalty - clandestine removal - appellant unknowingly got involved as an employee in the clandestine activity of...

Quick Updates: