Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
