Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Penalty under section 271AAB remained leviable on undisclosed cash found during search because the disclosure was made only after seizure and admission under section 132(4), so the assessee could not escape penalty merely because the returned income later matched the finally assessed income after quantum relief. The Tribunal held that clause (a) was inapplicable because the assessee did not specify or substantiate the manner of deriving the income, clause (b) was inapplicable because the income had in fact been admitted, and the case therefore fell under clause (c). As no extraordinary circumstances justified the maximum rate, the penalty under clause (c) was restricted to 30% of the undisclosed income.
Penalty under section 271AAB remained leviable on undisclosed cash found during search because the disclosure was made only after seizure and admission under section 132(4), so the assessee could not escape penalty merely because the returned income later matched the finally assessed income after quantum relief. The Tribunal held that clause (a) was inapplicable because the assessee did not specify or substantiate the manner of deriving the income, clause (b) was inapplicable because the income had in fact been admitted, and the case therefore fell under clause (c). As no extraordinary circumstances justified the maximum rate, the penalty under clause (c) was restricted to 30% of the undisclosed income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
