Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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.
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