Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Penalty for failure to furnish a tax audit report was deleted where consistent past and subsequent treatment of bank interest as income from other sources supported a bona fide belief that the audit requirement was not attracted. The assessee had disclosed the interest uniformly in earlier and later years, and that treatment had been accepted in section 143(1) intimations. As the Revenue produced no material of deliberate or conscious default, the failure was treated as covered by reasonable cause, making the penalty unsustainable.
Penalty for failure to furnish a tax audit report was deleted where consistent past and subsequent treatment of bank interest as income from other sources supported a bona fide belief that the audit requirement was not attracted. The assessee had disclosed the interest uniformly in earlier and later years, and that treatment had been accepted in section 143(1) intimations. As the Revenue produced no material of deliberate or conscious default, the failure was treated as covered by reasonable cause, making the penalty unsustainable.
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