Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Penalty under the Interest Tax Act required concealment of chargeable interest or furnishing of inaccurate particulars; where the assessee's earlier non-filing was found bona fide, the interest details were already available on record, and the returns filed in response to notice were accepted without addition, penalty was not leviable. The Court also noted that the deeming principle in Explanation 3 to section 271(1)(c) of the Income-tax Act could not be imported into penalty proceedings under the Interest Tax Act. On these concurrent findings, deletion of the penalty was upheld and the Revenue's appeals failed.
Penalty under the Interest Tax Act required concealment of chargeable interest or furnishing of inaccurate particulars; where the assessee's earlier non-filing was found bona fide, the interest details were already available on record, and the returns filed in response to notice were accepted without addition, penalty was not leviable. The Court also noted that the deeming principle in Explanation 3 to section 271(1)(c) of the Income-tax Act could not be imported into penalty proceedings under the Interest Tax Act. On these concurrent findings, deletion of the penalty was upheld and the Revenue's appeals failed.
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