Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
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 4809 
Join Channel 
