Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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...
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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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