Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
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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