Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Penalty under section 43 of the Black Money Act is discretionary, because the word "may" and the requirement of hearing before levy show that non-disclosure of a foreign asset does not automatically attract punishment. Applying the bona fide omission principle, the Tribunal noted that the foreign investment was funded from disclosed mutual fund redemption proceeds remitted through a disclosed bank account under the LRS route, with related income or loss already reported in returns. As there was no undisclosed foreign income, no out-of-books asset, and no mala fide conduct, the failure to complete the relevant Schedule FA disclosure was treated as a technical and venial breach, and the penalties were deleted.
Penalty under section 43 of the Black Money Act is discretionary, because the word "may" and the requirement of hearing before levy show that non-disclosure of a foreign asset does not automatically attract punishment. Applying the bona fide omission principle, the Tribunal noted that the foreign investment was funded from disclosed mutual fund redemption proceeds remitted through a disclosed bank account under the LRS route, with related income or loss already reported in returns. As there was no undisclosed foreign income, no out-of-books asset, and no mala fide conduct, the failure to complete the relevant Schedule FA disclosure was treated as a technical and venial breach, and the penalties were deleted.
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