Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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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