Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
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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