Manappuram Finance Fails to ensure Maintenance of LTV Ratio in certain Gold Loan Accounts: RBI imposes Rs 20 Lacs Penalty
The Reserve Bank of India (RBI) imposed a Rupees 20 Lakhs penalty on Manappuram Finance Limited by an order dated June 12, 2023 for non-compliance...
![Cenvat Utilization by Any Unit of Same Entity would not Make Any Loss to Exchequer: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Cenvat-Utilization-by-Any-Unit-of-Same-Entity-would-not-Make-Any-Loss-to-Exchequer-Cenvat-Utilization-Loss-to-Exchequer-Loss-CESTAT-Taxscan.jpg "Cenvat Utilization by Any Unit of Same Entity would not Make Any Loss to Exchequer: CESTAT [Read Order]")
![Penalty and Redemption Fine Cannot be Imposed When Bill of Entry has been Finally assessed at Declared Value: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-and-Redemption-Fine-Penalty-Redemption-Fine-Bill-of-Entry-Declared-Value-CESTAT-Penalty-and-Redemption-Fine-Cannot-be-Imposed-Taxscan.jpg "Penalty and Redemption Fine Cannot be Imposed When Bill of Entry has been Finally assessed at Declared Value: CESTAT [Read Order]")
![Mere Acceptance of Disallowance cannot Conclude Furnishing of Inaccurate Particulars of Income: ITAT Deletes Penalty u/s. 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Mere-Acceptance-of-Disallowance-Furnishing-of-Inaccurate-Particulars-of-Income-ITAT-Deletes-Penalty-of-Income-Tax-Act-TAXSCAN.jpg "Mere Acceptance of Disallowance cannot Conclude Furnishing of Inaccurate Particulars of Income: ITAT Deletes Penalty u/s. 271(1)(c) of Income Tax Act [Read Order]")
![No Penalty leviable on Account of Disallowance u/s. 14A of Income Tax Act on Proper Filing of ROI: ITAT Grants Relief to ICICI Bank by Deleting Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Penalty-Penalty-leviable-Account-Disallowance-Income-Tax-Act-Proper-Filing-of-ROI-ROI-ITAT-Grants-Relief-to-ICICI-Bank-ICICI-Bank-Relief-to-ICICI-Bank-ITAT-Income-Tax-Deleting-Penalty-taxscan.jpg "No Penalty leviable on Account of Disallowance u/s. 14A of Income Tax Act on Proper Filing of ROI: ITAT Grants Relief to ICICI Bank by Deleting Penalty [Read Order]")
No Evidence to Prove Import of More than Goods Declared to Customs: CESTAT Reduces Penalty [Read Order]
In a significant case, the Bangalore bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) reduced the penalty since there was no evidence to prove that the import amount was more...
![No Evidence to Prove Import of More than Goods Declared to Customs: CESTAT Reduces Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/No-Evidence-to-Prove-Import-of-More-than-Goods-Declared-to-Customs-Customs-No-Evidence-CESTAT-Reduces-Penalty-CESTAT-Penalty-Taxscan.jpg "No Evidence to Prove Import of More than Goods Declared to Customs: CESTAT Reduces Penalty [Read Order]")
Co-operative Society shall Liable to Furnish AIR only after Amendment u/r 114 E of Income Tax Rules: ITAT deletes Penalty [Read Order]
The Bangalore bench of Income Tax Appellate Tribunal (ITAT) has recently held that co-operative societies should be liable to furnish Annual Information Report (AIR) only after amendment under Rule...
![Co-operative Society shall Liable to Furnish AIR only after Amendment u/r 114 E of Income Tax Rules: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Co-operative-Society-Annual-Information-Report-Income-Tax-Rules-penalty-ITAT-Income-Tax-Rules-taxscan.jpg "Co-operative Society shall Liable to Furnish AIR only after Amendment u/r 114 E of Income Tax Rules: ITAT deletes Penalty [Read Order]")
Low Aromatic White Spirit is Classifiable under Light Oil and Preparations: CESTAT Confirms Setting Aside Confiscation
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), confirmed setting aside of confiscation and held that low aromatic white spirit is classifiable under Light Oil...
Burden of Proof for Tariff Classification of Products lies with Revenue Dept: Rajasthan HC quashes Additional Tax and Interest Order [Read Order]
While entertaining the Sales Tax Revision petition, the Rajasthan High Court quashed the additional tax and interest order. A Single Bench of Justice Sameer Jain observed that the burden to prove...
![Burden of Proof for Tariff Classification of Products lies with Revenue Dept: Rajasthan HC quashes Additional Tax and Interest Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Proof-for-Tariff-Classification-of-Products-Tariff-Classification-Revenue-Dept-Revenue-Additional-Tax-and-Interest-Order-Taxscan.jpg "Burden of Proof for Tariff Classification of Products lies with Revenue Dept: Rajasthan HC quashes Additional Tax and Interest Order [Read Order]")
Late Filing of Audit Report due to Sufficient Cause u/s 273B of IT Act: ITAT deletes Penalty [Read Order]
The Amritsar bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty imposed on late filing of audit reports. Tarlok Singh, the appellant assessee appealed against the order passed...
![Late Filing of Audit Report due to Sufficient Cause u/s 273B of IT Act: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Late-Filing-of-Audit-Report-Sufficient-Cause-Late-Filing-Audit-Report-Audit-Report-due-to-Sufficient-Cause-taxscan.jpg "Late Filing of Audit Report due to Sufficient Cause u/s 273B of IT Act: ITAT deletes Penalty [Read Order]")