Preliminary reassessment proceedings generally require statutory remedies unless jurisdiction is wholly absent or mandatory conditions are patently br...
Agricultural land classification requires cumulative factual indicators, while industrial-purpose land and absent agricultural use defeat reinvestment...
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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