Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Penalty for misreporting of income was held unsustainable where the return reflected a bona fide omission in not adjusting short-term capital loss against business income. The Tribunal found no misrepresentation, suppression of facts, false claim or false entry, and treated the error as apparent from the return itself. It further held that penalty required the assessing officer to specify the particular clause relied on for misreporting; absent such satisfaction in the assessment or penalty order, misreporting was not established and the penalty was cancelled.
Penalty for misreporting of income was held unsustainable where the return reflected a bona fide omission in not adjusting short-term capital loss against business income. The Tribunal found no misrepresentation, suppression of facts, false claim or false entry, and treated the error as apparent from the return itself. It further held that penalty required the assessing officer to specify the particular clause relied on for misreporting; absent such satisfaction in the assessment or penalty order, misreporting was not established and the penalty was cancelled.
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