Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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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