Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
Penalty under section 271AAC is discretionary and cannot follow automatically from an addition under section 68. Where unsecured loans were recorded in the books and the addition arose only because the assessee failed to furnish details in an ex parte assessment, mere non-acceptance of the explanation did not by itself justify penalty. Treating penalty proceedings as quasi-criminal, the Tribunal held that a higher standard applies than for making an addition and that technical failure to satisfy the Assessing Officer is insufficient. It therefore deleted the penalty and allowed the appeal.
Penalty under section 271AAC is discretionary and cannot follow automatically from an addition under section 68. Where unsecured loans were recorded in the books and the addition arose only because the assessee failed to furnish details in an ex parte assessment, mere non-acceptance of the explanation did not by itself justify penalty. Treating penalty proceedings as quasi-criminal, the Tribunal held that a higher standard applies than for making an addition and that technical failure to satisfy the Assessing Officer is insufficient. It therefore deleted the penalty and allowed the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
