If assessee not contested demand on ground of invocation of extended period of limitation, penalty is leviable

If assessee not contested demand on ground of invocation of extended period of limitation, penalty is leviable Posted: 22 Feb 2013 08:28 PM PST It is not in dispute that the show-cause notice invoked the extended period of limitation on the ground of suppression of facts with intent to avail undue CENVAT credit. The assessee did not choose to contest the demand on the ground of limitation, thereby virtually accepting the allegation of... S. 68 Onus on assessee to prove identity & creditworthiness of subscribers & genuineness of transactions Posted: 22 Feb 2013 05:30 PM PST A perusal of the order of the Tribunal shows that it has gone on the basis of the documents submitted by the assessee before the AO and has held that in the light of those documents, it can be said that the assessee has established the identity of the parties. It has further been observed [...]