Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Penalty proceedings under ss. 271D and 271E were held unsustainable where the Revenue relied only on entries in seized papers belonging to third parties, without proving that the assessee actually accepted or repaid cash loans. The Tribunal held that such proceedings are penal in nature and independent of assessment proceedings, so the initial burden remained on the Revenue. That burden was not discharged because the documents were not shown to be the assessee's own records, no evidence proved utilisation or repayment, and the assessee's request for copies and cross-examination was denied. The penalties were deleted.
Penalty proceedings under ss. 271D and 271E were held unsustainable where the Revenue relied only on entries in seized papers belonging to third parties, without proving that the assessee actually accepted or repaid cash loans. The Tribunal held that such proceedings are penal in nature and independent of assessment proceedings, so the initial burden remained on the Revenue. That burden was not discharged because the documents were not shown to be the assessee's own records, no evidence proved utilisation or repayment, and the assessee's request for copies and cross-examination was denied. The penalties were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
