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Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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Penalty for acceptance of cash loans was held unsustainable where the assessment order under section 143(3) accepted the returned income but did not record satisfaction for initiating proceedings under section 271D. Applying the principle in Jai Laxmi Rice Mills, the Tribunal treated the absence of recorded satisfaction in the assessment order as fatal to penalty initiation and directed deletion of the penalty.
Penalty for acceptance of cash loans was held unsustainable where the assessment order under section 143(3) accepted the returned income but did not record satisfaction for initiating proceedings under section 271D. Applying the principle in Jai Laxmi Rice Mills, the Tribunal treated the absence of recorded satisfaction in the assessment order as fatal to penalty initiation and directed deletion of the penalty.
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