Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Penalty for misreporting of income under section 270A could not be sustained where the assessee had disclosed the interest income and the dispute concerned only eligibility for deduction under section 80P(2)(d). The Tribunal held that penalty proceedings are distinct from assessment proceedings, and an addition or disallowance by itself does not establish misreporting; the Assessing Officer must show that the case falls within a specific statutory category. The assessee's explanation that incorrect PAN status caused a technical difficulty was found bona fide, and there was no material of false particulars or suppression. The penalty also failed because the notice mentioned only under-reporting, while the final levy was for under-reporting due to misreporting without specifying the relevant charge.
Penalty for misreporting of income under section 270A could not be sustained where the assessee had disclosed the interest income and the dispute concerned only eligibility for deduction under section 80P(2)(d). The Tribunal held that penalty proceedings are distinct from assessment proceedings, and an addition or disallowance by itself does not establish misreporting; the Assessing Officer must show that the case falls within a specific statutory category. The assessee's explanation that incorrect PAN status caused a technical difficulty was found bona fide, and there was no material of false particulars or suppression. The penalty also failed because the notice mentioned only under-reporting, while the final levy was for under-reporting due to misreporting without specifying the relevant charge.
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