Vijay Steelcon Private Limited Vs Commissioner, Central Tax
Date: November 18, 2021
Subject Matter
Assessee cannot challenge the seizure proceedings after availing the benefit of 15% penalty u/s 74(5)
Summary
The assessee can by making voluntary deposit of tax, interest and penalty avail the benefit of restriction of penalty to only 15% of such tax. In the present case, the petitioner availed of this remedy and based thereon, proceedings against the petit…
1. This petition has been filed by the petitioner inter alia challenging the seizure of cash amounting to Rs.65 lakhs (Rupees Sixty Five Lakhs only) from the residential premises of the Director of the petitioner on 04.03.2021. The petitioner further challenges the letter dated 24.03.2021 issued by the respondent no.1 whereby the bank was directed to release the said amount of Rs.65 lakhs to…