Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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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