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...
ITAT deleted penalty under section 271D where the notice was defective and the alleged contravention did not match the penalty finally imposed: the notice referred to section 271DA read with section 269ST, while the penalty was levied for violation of section 269SS. On merits, the cash receipt formed part of a genuine sale transaction, the Revenue did not dispute that the property deal had materialised, part of the consideration had been paid through banking channels, and the tax consequences were disclosed by the assessee. The Tribunal also noted practical difficulty arising from the purchaser's non-resident status. In these circumstances, the penalty was held unsustainable.
ITAT deleted penalty under section 271D where the notice was defective and the alleged contravention did not match the penalty finally imposed: the notice referred to section 271DA read with section 269ST, while the penalty was levied for violation of section 269SS. On merits, the cash receipt formed part of a genuine sale transaction, the Revenue did not dispute that the property deal had materialised, part of the consideration had been paid through banking channels, and the tax consequences were disclosed by the assessee. The Tribunal also noted practical difficulty arising from the purchaser's non-resident status. In these circumstances, the penalty was held unsustainable.
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