Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
