PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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Penalty under section 270A was held unsustainable where a charitable trust's depreciation claim was disallowed, but the income, after giving effect to the quantum order allowing accumulation, still remained nil and no tax was payable. The Tribunal's reasoning was that disallowance of an inadmissible claim does not by itself amount to under-reporting; the section requires a real statutory basis, such as assessed income exceeding returned income. With no positive assessed income, tax effect, or demonstrated carry-forward benefit, the penalty was deleted.
Penalty under section 270A was held unsustainable where a charitable trust's depreciation claim was disallowed, but the income, after giving effect to the quantum order allowing accumulation, still remained nil and no tax was payable. The Tribunal's reasoning was that disallowance of an inadmissible claim does not by itself amount to under-reporting; the section requires a real statutory basis, such as assessed income exceeding returned income. With no positive assessed income, tax effect, or demonstrated carry-forward benefit, the penalty was deleted.
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