Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Penalty under section 43 of the Black Money Act was treated as discretionary rather than automatic, and was deleted for a bona fide failure to disclose foreign ESOP shares in Schedule FA. The Tribunal accepted that the shares formed part of employment compensation, the related perquisite and later capital gains had already been taxed, and the only lapse was non-disclosure in the initial reporting year while the assets were held through a fiduciary structure. Applying the principles that a technical or inadvertent breach without deliberate concealment or guilty intent does not justify penalty, the Tribunal also followed prior ITAT and Supreme Court guidance. The jurisdictional challenge was left open as unnecessary.
Penalty under section 43 of the Black Money Act was treated as discretionary rather than automatic, and was deleted for a bona fide failure to disclose foreign ESOP shares in Schedule FA. The Tribunal accepted that the shares formed part of employment compensation, the related perquisite and later capital gains had already been taxed, and the only lapse was non-disclosure in the initial reporting year while the assets were held through a fiduciary structure. Applying the principles that a technical or inadvertent breach without deliberate concealment or guilty intent does not justify penalty, the Tribunal also followed prior ITAT and Supreme Court guidance. The jurisdictional challenge was left open as unnecessary.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
