Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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A mistaken reference to the wrong tax penalty provision does not, by itself, invalidate proceedings; however, where the order imposes a penalty rate consistent with the wrong provision, the error is substantive rather than clerical. The discrepancy between a 100% penalty under one provision and a 50% penalty under the applicable provision showed that the power had been exercised on the wrong footing, making the order unsustainable. Fresh proceedings may be initiated under the correct provision in accordance with law.
A mistaken reference to the wrong tax penalty provision does not, by itself, invalidate proceedings; however, where the order imposes a penalty rate consistent with the wrong provision, the error is substantive rather than clerical. The discrepancy between a 100% penalty under one provision and a 50% penalty under the applicable provision showed that the power had been exercised on the wrong footing, making the order unsustainable. Fresh proceedings may be initiated under the correct provision in accordance with law.
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