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CBDT invites inputs for comprehensive review of Income-tax ActAdani Group negotiating takeover deal with Heidelberg’s cementIndia-UAE BIT comes into effectNobel Prized in medicine for 2024 goes to American scientists for microRNA discoverySAI to develop National Centre of Sports Excellence in MumbaiVietnam Q3 GDP spirals by 7.4%Rs 1,000 cr earmarked for Venture Fund to Space StartUps, says MinisterI-T - Capital gains u/s 50 arising out of sale of long term capital assets, shall be taxable at 20% rate u/s 112: ITAT SBIs it 'plant and machinery' or 'plant or machinery'?Undervaluation of Imported Aluminium Scrap (Part 3 of series)Indian solar suppliers substitute tossed out Chinese players in US supply linePrivacy in Peril: Have We Forgotten Our Rights?New Trumpian threat: 200% tariff on vehicles imported from MexicoI-T- Writ petition filed before exercising option of rectification petition, is premature: HCRG Kar case: 10 Docs aligned to former Principal tossed out of hospitalI-T- If at all there is some disallowance/adjustment in a year, same should be adjusted with the available brought forward business loss of the assessee: ITATMedical emergency: London-heading Air India flight stops over in DenmarkJaishankar says AI can be as fatal to world as N-weaponsCus -SAD refund - Date of making refund application would be required to be considered from date of final assessment and not from date of payment of provisional duty: HCTraumatised by Helene, Florida laces up for major hurricane MiltonGST - Non-payment of dues for a period of three months is not a prescribed ground u/s 29 and/or u/r 21 for cancelling the petitioner's GST registration: HCChinese hackers hack into US court-sanctioned wiretapping serverDrugs & raw materials worth Rs 1800 Cr seized in Bhopal; Two arrestedDRDO successfully flight-tests 4th Generation Air Defence System

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Get benefit of reduced penalty u/s 11AC of CEA, 1944 only if you pay duty, interest and penalty TOO within 30 days of communication of order - Amendment proposed


benefit of reduced penalty under Section 11AC not available in all cases

If the penalty under Section 11AC has been imposed in view of the suppression of facts, which is under Section 11AC (1) (a) of the said Act, as per the said sub-section, with effect from 08.04.2011, the mandatory penalty is 100% of the duty and there is no option for lesser payment of penalty. The benefit of reduced penalty of 25% if the dues are paid within 30 days of receipt of the order would accrue only if the demand is made under section 11A(5) of the Act and not if the demand is under subsection 4 of section 11A

Chief Commissioner 01/01/2015

 

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Mr Larry Summers, Former US Treasury Secretary addressing at TIOL Fiscal Awards 2024 after being conferred TOL Kautilya Global Award 2024 by Deputy Chairman of Rajya Sabha, Shri Harivansh Narayan Singh.

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Dr. C. Rangarajan, former Governor of RBI, addressing at TIOL Fiscal Awards 2024 after being conferred TOL Kautilya Global Award 2024 by Deputy Chairman of Rajya Sabha, Shri Harivansh Narayan Singh.

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