Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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Limitation for penalty proceedings under the second limb of the penalty-limitation provision applied where no assessment proceedings had been initiated for the relevant years. On the stated facts, the penalty notice was issued independently on the basis of a statement recorded in another person's scrutiny proceedings, so the first limb, tied to completion of proceedings in which penalty action was initiated, did not apply. The limitation therefore ran for six months from the end of the month in which penalty action was initiated. The Tribunal treated the penalty orders as time-barred and quashed them, leaving the other grounds open as academic.
Limitation for penalty proceedings under the second limb of the penalty-limitation provision applied where no assessment proceedings had been initiated for the relevant years. On the stated facts, the penalty notice was issued independently on the basis of a statement recorded in another person's scrutiny proceedings, so the first limb, tied to completion of proceedings in which penalty action was initiated, did not apply. The limitation therefore ran for six months from the end of the month in which penalty action was initiated. The Tribunal treated the penalty orders as time-barred and quashed them, leaving the other grounds open as academic.
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