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An analysis based on Lok Sabha election candidates’ affidavits, the Forbes’ rich list and income-tax data shows that the rich in India report significantly lower incomes relative to their wealth.
The CESTAT, Chandigarh in M/s. M R Beltings v. Commissioner of Central Excise Rohtak set aside the demand order on the ground that the entire demand is barred by limitation since, the department was not able to bring anything on record to show that the assessee has suppressed the material fact in order to evade the payment of duty.
The Hon’ble Supreme Court in Commissioner of Central Excise and Service Tax v. M/s Reliance Industries Ltd. held that the assessee was bonafide and has correctly discharged duty liability by relying on the CESTAT decision even though the same was later overturned by the Hon’ble Supreme Court.