Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Penalty under section 271(1)(c) was held unsustainable where the disallowance arose from a deduction claim under section 80IB(10) on which courts had taken divergent views. The Tribunal treated the issue as debatable, noted that the controversy was pending before the Supreme Court, and applied Reliance Petroproducts to hold that a merely unsustainable claim does not amount to concealment or furnishing inaccurate particulars. On that basis, the statutory conditions for penalty were not met and the penalty was deleted.
Penalty under section 271(1)(c) was held unsustainable where the disallowance arose from a deduction claim under section 80IB(10) on which courts had taken divergent views. The Tribunal treated the issue as debatable, noted that the controversy was pending before the Supreme Court, and applied Reliance Petroproducts to hold that a merely unsustainable claim does not amount to concealment or furnishing inaccurate particulars. On that basis, the statutory conditions for penalty were not met and the penalty was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
