Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Penalty under section 270A could not be sustained where the assessee's revised-return claim rested on a bona fide, legally plausible POEM-based position under a then-nascent legal framework, and all material facts were disclosed. Rejection of the claim in assessment did not, by itself, establish misreporting, deliberate suppression, or contumacious conduct, so the case fell outside section 270A(9)(a). The Tribunal also held that assessment and penalty proceedings are separate and independent, and failure to appeal the quantum addition did not amount to acceptance of wrongdoing or justify penalty. The penalties were quashed and both appeals allowed.
Penalty under section 270A could not be sustained where the assessee's revised-return claim rested on a bona fide, legally plausible POEM-based position under a then-nascent legal framework, and all material facts were disclosed. Rejection of the claim in assessment did not, by itself, establish misreporting, deliberate suppression, or contumacious conduct, so the case fell outside section 270A(9)(a). The Tribunal also held that assessment and penalty proceedings are separate and independent, and failure to appeal the quantum addition did not amount to acceptance of wrongdoing or justify penalty. The penalties were quashed and both appeals allowed.
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